5 pts Question 6 Akers, Inc. makes and sells only one product and uses standard costing. The standard cost sheet for one unit of product includes the following: Direct materials: 5 grams at $0.45 per gram Direct labor: 1 hour at $8 per hour Last period the company had the following results: 5,000 grams of direct materials purchased at $0.50 per gram 4,000 grams of direct materials used in production 900 units of product were made 850 hours of direct labor were used at $8.50 per hour The direct material quantity variance is: $225 favorable $350 unfavorable $175 unfavorable $350 favorable 5 pts Question 7 Nomad Corporation makes a product with the following standard costs: Direct materials: 3.5 pounds at $3.00 per pound Direct labor:.8 hours at $19.00 per hour Variable overhead: .8 hours at $8.00 per hour In July the company produced 3,300 units using 12,240 pounds of the direct material and 2,760 direct labor-hours. During the month, the company purchased 13,000 pounds of the direct material at a cost of $35,100. The actual direct labor cost was $51,612 and the actual variable overhead cost was $20,148. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The varlable overhead price variance for July is: O $1,932 Unfavorable O $1,932 Favorable $1,848 Unfavorable $1,848 Favorable