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Determine the price variance and quantity variance

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Reference no: EM132707152

Problem - Direct materials variances - The following data relate to the direct materials cost for the production of 20,000 automobile tires:

Actual: 80,000 lbs. at $2.65 $212,000

Standard: 86,000 lbs. at $2.50 $215,000

Required -

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

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

Reference no: EM132707152

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