aluminum was $0.13 per ounce and the standard price was $0.01 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as positive numbers and select Favorable or Unfavorable. Materials Price Variance $ x Material Usage Variance $ x Feedback Check My Work 1. Determine the material price variance = (actual cost per unit - standard cost per unit) x actual quantity 2. Compare the actual to the standard cost and determine if the result from above is favorable or unfavorable 3. Determine the material usage variance = (actual quantity - standard quantity) x standard cost per unit 4. Compare the actual to the standard quantities and determine if the result from above is favorable or unfavorable Review the "How to Calculate Materials Variances: Formula and Columnar Approaches" example in your text