Diamond Company produces a chair that requires 5 yds.

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).