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7. Joe Co. has collected the following data on one of its products. During the period the company produced 15,000 units. Direct materials standard (3

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7. Joe Co. has collected the following data on one of its products. During the period the company produced 15,000 units. Direct materials standard (3 lbs. @ $4/lb) $12 per finished unit Actual cost of materials used $190,125 Actual direct materials used 48,750 lbs. Required: Calculate the direct materials price and quantity variances and the total direct materials variance. Indicate if each variance is favorable or unfavorable

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