Balt Company maintains a standard cost system; as such, all inventories, including materials, are carried on the books at standard cost. Last period, Balt used 5000 pounds to produce 700 units of Product C8. The company has established a standard of 7 pounds of Material H per unit of C8, at a price of $8.00 per pound of material. During the period, Balt purchased 3200 pounds of Material H. The company spent $7 per pound during the period to purchase material H. Required: Note whether variances are favorable or unfavorable 1. Calculate the direct materials purchase-price variance for the period, rounded to the nearest dollar 2. Calculate the direct materials usage variance for the period, rounded to the nearest whole dollar. Essay Toolbar navigation BI SE E 1 1 A . A