Question - Direct materials variances
The following data relate to the direct materials cost for the production of 2,000 automobile tires:
Actual: 51,700 lbs. at $1.85 95,645
Standard: 52,700 lbs. at $1.80 94,860
Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Use the minus sign to enter favorable variances as negative numbers.