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Required information [The following information applies to the questions displayed below.) A manufactured product has...

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Accounting

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Required information [The following information applies to the questions displayed below.) A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard (7 lbs. @ $8 per lb.) (2 hrs. @ $15 per hr.) (2 hrs. @ $13 per hr.) Actual 55,700 lbs. @ $8.20 per lb. 15,500 hrs. @ $15.40 per hr. $ 211,100 7,900 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable o unfavorable. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price X Answer is not complete. Actual Cost Standard Cost AQ X AP 50 X SP AQ w 55.700 SP $ 8.00 55,700 X $ 8.20 X 5.900 X $ 8.00 456.740 445.600 147/200 $ 11.140 398.400 $ 11.140 Direct materials price variance Direct materials quantity variance Total direct materials variance Unfavorable Unfavorable Unfavorable Oo 398.400

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