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Compute the direct materials price variance

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Question - A manufactured product has the following information for June.

 

Standard

Actual

Direct materials

(5 lbs. @ $8 per lb.)

42,500 lbs. @ $8.10 per lb.

Direct labor

(3 hrs. @ $17 per hr.)

24,900 hrs. @ $17.40 per hr.

Overhead

(3 hrs. @ $11 per hr.)

$283,200

Units manufacturing

 

8,400

Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable.

Reference no: EM131599471

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