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Compute the total direct materials cost variance

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Question - Ransom Inc. manufactures Product X. The purchasing and production departments have provided the following information related to Product X for the month of March:

                                       Standard (Budgeted)                  Actual

Direct materials:               1,500 pounds at $35.00/lb.          1,600 pounds at $32.00/lb.

Direct labor:                     4,800 hours at $11.00/hr.            4,500 hours at $11.80/hr.

Compute the following for Ransom (number and term):

Total direct materials cost variance:

Direct labor rate variance:

Direct materials quantity variance:

Reference no: EM131665492

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