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Determine the material price variance

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Question - Dynatech Jewelry produced 1,580 rings during March. The standard cost of each ounce of gold used in a ring is $1,030 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 $737,300 at $1,010 per ounce. Determine the material price variance and the material quantity variance for March. Indicate whether each variance is favorable, unfavorable, or neither favorable nor unfavorable.

Reference no: EM132255085

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