Calculate the direct materials price variance. First you will need to figure the standard price per unit and the actual price per unit to determine the direct materials price variance. What are the formulas? The following data relate to direct materials costs: Materials cost per pound: standard, $50.00, Pounds per unit: Units of production: 15,000 actual, $50.60 standard, 5000 lbs., actual, 4950 lbs. This may help: What is the standard cost per unit What is the actual cost per unit What is the total direct materials cost variance on the 15,000 units? Determine the direct labor time variance, rate variance, and total cost variance and what are the formulas: direct labor time variance rate variance total cost variance Prepare a budget performance report