Ransom, Inc. budgets direct materials cost at $1.10/liter and each product requires 4 liters per unit of finished product. April's activities show usage of 832 liters to complete 196 units at a cost of $798.72. Compute the direct materials price and quantity variances. Indicate if the variance is favorable or unfavorable.
What will be an ideal response?
| AQ ? AP | 832 liters ? $0.96/liter * ……………….. | $798.72 | ? |
| AQ ? SP | 832 liters ? $1.10/liter …………………. | 915.20 | ? |
| ? | Direct materials price variance ………... | $116.48 | F |
| ? | ? | ? | ? |
| AQ ? SP | 832 liters ? $1.10/liter ……………….. | $915.20 | ? |
| SQ ? SP | 784* liters ? $1.10/liter ……………… | 862.40 | ? |
| ? | Direct materials quantity variance …… | $ 52.80 | U |
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