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Determine the direct materials price variance

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Reference no: EM132766336

Problem - Direct materials variances - The following data relate to the direct materials cost for the production of 50,000 automobile tires:

Actual: 725,000 lbs. at $3.00 per lb.

Standard: 730,000 lbs. at $2.95 per lb.

a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance.

b. To whom should the variances be reported for analysis and control?

Reference no: EM132766336

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