Reference no: EM132536867
Gala Enterprises reports the following information regarding the production on one of its products for the month.
Direct materials standard : (3 lbs. @ $4/lb.)$12 per finished unit
Actual direct materials used 250,000 lbs.
Actual finished units produced 90,000 units
Actual cost of direct materials used$980,000
Question 1: Compute the direct materials cost variance and identify as either F for favorable or U for unfavorable.
Cost variance = , F/U
Question 2: Compute the direct materials price variance and identify as either F for favorable or U for unfavorable.
Price variance = , F/U
Question 3: Compute the direct materials quantity variance and identify as either F for favorable or U for unfavorable.
Quantity variance = , F/U
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