3. EX.23.05 Direct Materials Variances De Soto Inc. produces tablet computers. The company uses Thin Film Crystal (TFC) LCD displays for its products. Each tablet uses one display. The company produced 770 tablets during July. However, due to LCD defects, the company actually used 800 LCD displays during July. Each display has a standard cost of $12.50. Eight hundred LCD displays were purchased for July production at a cost of $9,400. Determine the price variance, quantity vanance, and total direct materials cost variance for July. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Price variance Quantity variance $ $ Total direct materials cost variance $ 4. EX.23.07.ALGO (Algorithmic) Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,600 pounds) has the following standards: Whole tomatoes Standard Quantity Standard Price Vinegar Corn syrup Salt 2,700 lbs. $0.35 per lb. 150 gal. 2.10 per gal. 13 gal. 7.80 per gal. 60 lbs. 1.90 per lb. The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch 08-99 were as follows: 2,800 lbs. of tomatoes 144 gal. of vinegar 14 gal. of corn syrup 59 lbs. of salt a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent. Ingredient Whole tomatoes Standard Cost per Batch Vinegar Corn syrup Salt Total Standard unit materials cost per pound $ b. Determine the direct materials quantity variance for batch 08-99. If required, round amounts to the nearest cent. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Materials Quantity Ingredient Whole tomatoes Vinegar Corn syrup Salt Variance Favorable/Unfavorable Total direct materials quantity variance $