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Question 11.3: A tire manufacturer has a standard quantity of 3 kilograms o...

A tire manufacturer has a standard quantity of 3 kilograms of fiberglass cord per automobile tire. The standard price is $1 per kilogram. During the month, the purchasing manager bought 98,000 kilograms of fiberglass cord for $102,000. The plant used 95,000 kilograms of fiberglass cord to manufacture 30,000 tires during the month. What are the material price and quantity variances for the fiberglass cord?

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