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What is the quantity price and spending variance

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Question - Mary Shelley Inc. has the following direct materials standard for the high quality paper they use to print their books. They plan to use 1 ream of paper at $ 10 per ream to produce 5 books. Last month 500 reams of paper were purchased and used to make 2,525 books. The materials cost a total of $5,030. What is the quantity, price, and spending variance for the paper? Please be sure to indicate whether the variances are favorable or unfavorable. (Show work).

Reference no: EM132103851

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