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Tercer reports the following for one of its products. ...

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Accounting

Tercer reports the following for one of its products.

Direct materials standard (3 lbs. @ $2 per lb.) $ 6 per finished unit
Actual direct materials used (AQ) 260,000 lbs.
Actual finished units produced 70,000 units
Actual cost of direct materials used $ 455,000

AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price and quantity variances and classify each as favorable or unfavorable

Actual Cost Standard Cost

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