Assume the following:

• The standard price per pound is $2.35.
• The standard quantity of pounds allowed per unit of finished goods is 4 pounds.
• The actual quantity of materials purchased was 53,000 pounds, whereas the quantity of materials used in production was 51,000 pounds.
• The actual purchase price per pound of materials was $2.25.
• The company produced 13,000 units of finished goods during the period.

What is the materials quantity variance?

2. Assume the following:

• The standard price per pound is $3.00.
• The actual quantity of materials purchased and used in production is 62,200 pounds.
• The actual purchase price per pound of materials was $3.10.

What is the materials price variance?

3. Assume the following:

• The standard price per pound is $4.00.
• The actual quantity of materials purchased and used in production is 60,000 pounds.
• The standard quantity allowed for the actual level of output is 59,200 pounds.

What is the materials quantity variance?