Question - In reviewing activity for July, the controller of Mathis, Inc., collected the following data concerning direct materials:
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Actual production
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$103,500 units
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Direct materials purchased (actual)
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$1,643,800
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Standard cost of materials purchased
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$1,556,500
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Standard direct materials costs per unit produced
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14.10
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Standard price times actual amount of materials used
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$1,408,450
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Required: Compute the direct materials cost variances.
Direct Materials
Price variance
Efficiency variance
Cost variances