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Perfect Pet Collar Company makes custom leather pet collars. The company expects each...

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Question

Accounting

Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 2.15 feet of leather and
predicts leather will cost $3.80 per foot. Suppose Perfect Pet made 65 collars during February. For these 65 collars, the company
actually averaged 2.30 feet of leather per collar and paid $3.40 per foot.
Required:
Calculate the standard direct materials cost per unit.
Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable.
Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable.
Calculate the direct materials price and quantity variances.
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