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Compute the direct materials price and quantity variances

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Reference no: EM132748139

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

Direct materials standard (4 lbs. @ $3 per lb.) $12 per finished unit

Actual direct materials used (AQ) 330,000 lbs.

Actual finished units produced 68,000 units

Actual cost of direct materials used $907,500

AQ = Actual Quantity

SQ = Standard Quantity

Required - Compute the direct materials price and quantity variances and classify each as favorable, unfavorable or no variance.

Reference no: EM132748139

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