Problem

AN7-X1A new pharmaceutical drug calls for 4.5 ounces of compound AN7-X1 per batch of 250 t...

AN7-X1

A new pharmaceutical drug calls for 4.5 ounces of compound AN7-X1 per batch of 250 tablets. AN7-X1 has a standard price of $2 per ounce. An initial inventory of 8,000 ounces of AN7-X1 is purchased for $17,200. The firm produces 1,000 batches of the new drug and uses 4,600 ounces of AN7-X1. All variances are calculated as soon as possible.

Required:

Calculate the price and quantity variances for AN7-X1.

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Solutions For Problems in Chapter 12