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Demonstrate material price variance and material quantity

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Question 1: Lawn Jewelry produced 1,570 rings during March. The standard cost of each ounce of gold used in a ring is $1,020 per ounce. The standard quantity of material for each ring is a 0.5 ounce of gold per ring. The cost of gold purchased and used in March was $696,900 at $1,010 per ounce. Determine the material price variance and the material quantity variance for March. Indicate whether each variance is favorable or unfavorable. (Enter all variances as a positive number.)

Reference no: EM132523969

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