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What is the direct materials price variance

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Question 1: Tip Top Corp. produces a product that requires nine standard gallons per unit. The standard price is $11.5 per gallon. If 3,200 units required 30,000 gallons, which were purchased at $11.73 per gallon, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Point a. Direct materials price variance$

Point b. Direct materials quantity variance$

Point c. Direct materials cost variance

Reference no: EM132472483

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