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Compute the direct materials cost variances

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Question - In reviewing activity for July, the controller of Mathis, Inc., collected the following data concerning direct materials:

Actual production

$103,500 units

Direct materials purchased (actual)

$1,643,800

Standard cost of materials purchased

$1,556,500

Standard direct materials costs per unit produced

14.10

Standard price times actual amount of materials used

$1,408,450

Required: Compute the direct materials cost variances.

Direct Materials

Price variance

Efficiency variance

Cost variances

Reference no: EM131644737

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