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Lakewood Incorporated uses a standard cost system. Materials standards are 7 components per widget at...

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Lakewood Incorporated uses a standard cost system. Materials standards are 7 components per widget at $12.00 per component During August, Lakewood Incorporated purchased 64,500 components for $767,550, using the components to produce 8,600 widgets. a. Calculate the direct materials price variance. Note:Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable". "Unfavorable", or "None" for no effect (i.e., zero variance). b. Calculate the direct materials quantity variance Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). c. Calculate the direct materiais spending variance Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance)

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