help 7 Required information [The following information applies to the questions

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7 Required information [The following information applies to the questions displayed belowj A manufactu d product has the following information for June Part 2 of 3 Standard Direct materials Direct labor Overhead Units manufactured (7 1bs. $7 per 1b.) (3 hrs. $16 per hr. 24,000 hrs. 8 $16.50 per hr Actual 57,300 1bs. $7.10 pe: 1b. & 00:4700 (3 hrs. $11 per hr.) $273,200 8, 100 AQ Actual Quantity SQ Standard Quantity AP Actual Price SP= Standard Price dicate wihether each verlance i favorable or Compute the direct materials price variance and the direct materials quantity variance Indicate whether each unfavorable Standard Cost Actual Cost SP Sa A0 SP AQ AP K Ptey Mc Graw Hal 12 PM

Explanation / Answer

Answer:

Direct material price variance = Actual Quantity (Actual Price - Standard price)

Direct material price variance = 57300 (7.10 - 7.0) = $5730U

Direct material price variance = Std. Price ( Actual Quantity - Standard Quantity)

Direct material price variance = $7 ( 57300 - 56700 ) = 4200U

8100 x 7 = 56700

Total Direct Material Variance = $5730U +$4200U = $9930U

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