7 QS 23-8 Materials variances LO P3 6.25 points Tercer reports the following for one of its products. took Direct materials standard (4 lbs. 2 per 16.) Actual direct materials used (1) Actual finished units produced Actual cost of direct materials used $ 3 per finished unit 400,000 lbs. 70,000 units $700,000 Prim References AQ - Actual Quantity SQ - Standard Quantity AP = Actual Price SP Standard Price Compute the direct materials price and quantity variances and classify each as favorable, unfavorable or no variance Actual Cost Standard Cost 7 Actual cost of direct materials used $700,000 6.25 points AQ = Actual Quantity SQ - Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price and quantity variances and classify each as favorable, unfavorable or no variance. eBook nt Actual Cont Standard Cost Print References