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Compute the materials price variance indicating

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Question - PURE Inc. produces flavored waters, sold in gallons. Recently the company adopted the following materials standard for one gallon of its raspberry flavored water:

Direct materials (90 oz. @ $0.08) $7.20

During the first month of operations the company experienced the following results:

A. Gallon units produced: 80,000

B. Ounces of materials purchased and used: 7,320,000 ounces at $0.07

C. No beginning or ending inventories of raw materials

Required -

A. Compute the materials price variance indicating if it is favorable or unfavorable.

B. Compute the materials usage variance indicating if it is favorable or unfavorable.

Reference no: EM133035188

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