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Calculate the direct materials price and quantity variances

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Question - Wagatha's Inc. makes homemade dog biscuits. They made 700 batches of biscuits last month and their standard costs are as follows:

STANDARD Quantity per batch Price

Direct Materials 3 lbs per batch $5 per pound

Direct Labor 2 hrs per batch $18 per hour

The actual amount of direct materials (biscuit mix) purchased and used last month was 2,000 pounds. The average price paid was $5.25 per pound.

Calculate the direct materials price and quantity variances. Discuss some reasons for these variances.

Reference no: EM133109696

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