A company purchases and uses 80000 gallons of materials for which they paid $11 a gallon. The materials price variance was $60000 favorable. What is the standard price per gallon?

$10.25

$0.75

$11.75

$11.00

2. Bramble Corp. manufactures a product with a standard direct labor cost of two hours at $18 per hour. During July, 2400 units were produced using 5300 hours at $18.30 per hour. The labor price variance was

$10590 F.

$10590 U.

$1590 U.

$9000 U.

3. In Waterway Industriess income statement, they report actual gross profit of $53500 and the following variances:

Materials price	$ 420 F
Materials quantity	600 F
Labor price	420 U
Labor quantity	1000 F
Overhead	900 F

Waterway would report gross profit at standard of

$54340.

$47660.

$51000.

$48500.