| 11% 06:11 PM G Classroom_... Assignment (4) ABC company has the following information about the its standard cost of direct materials: Each unit of product XYZ contains 4.5 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.5 pounds. Materials cost $5 per pound, but ABC always takes the 2% cash discount all of its suppliers offer. Freight costs average $0.25 per pound Actual cost: During June, 290,000 pounds of direct materials are purchased at a cost of $4.70 per pound, and the 290,000 units of direct materials were to produce 58,500 units of Product XYZ Required: Compute the total materials variance and the price and quantity variances. Provide justifications for those variances, stating who is responsible for the price and quantity variances