Diamond Company produces a chair that requires 5 yds.

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31. Diamond Company produces a chair that requires 5 yds. of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 40,000 yards at a cost of $7.60. Determine the (a) price variance, (b) quantity variance, and (c) cost variance (6 points).

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