Calculating the Direct Materials Price Variance and the Direct Materials Usage Variance

Guillermo's Oil and Lube Company is a service company that offers oil changes and lubrication for automobiles and light trucks. On average, Guillermo has found that a typical oil change takes $27$ minutes and $6\mathrm{.}4$ quarts of oil are used. In June, Guillermo's Oil and Lube had $920$ oil changes.

Guillermo's Oil and Lube Company provided the following information for the production of oil changes during the month of June:

Actual number of oil changes performed: $920$

Actual number of quarts of oil used: $6,900$ quarts

Actual price paid per quart of oil: $$5\mathrm{.}40$

Standard price per quart of oil: $$5\mathrm{.}30$

Required:

Calculate the direct materials price variance $($MPV$)$ and the direct materials usage variance $($MUV$)$ for June using the formula approach. If required, round your answers to the nearest cent.

MPV $

MUV $

$2.$ Calculate the total direct materials variance for oil for June. If required, round your answer to the nearest cent.

$3.$ What if the actual number of quarts of oil purchased in June had been $6,820$ quarts, and the materials price variance was calculated at the time of purchase? If required, round your answers to the nearest cent.