Calculating the Direct Materials Price Variance and the Direct Materials Usage Variance Guillermo's Oil and Lube Company is a ser ce company that offers Guillermo's oil and Lube had 940 oil changes. changes and ubrication or automobiles and ht trucks on average, e mo has our d that a typical o chan e ta s 23 minutes and quarts of are e n ne Gulillenmo's oil and Lube Company provided the following information for the production of olil changes during the month of June Actual number of olil changes performed: 940 Actual number of quarts of oil used: 6,160 quarts Actual price paid per quart of ol: $5.40 Standard price per quart of oil: $5.35 Required: 1. Calculate the direct materials price variance (MPV) and the direct materials usage variance (MU) for June using the formula approach. If required, round your answers to the nearest cent. MPV MUV 308 Unfavorable 770.40 | V Favorable X 2. Calculate the total direct materials variance for oil for June. If required, round your answer to the nearest cent. 144 X Unfavorable X 3. What if the actual number of quarts of oil purchased in June had been 6090 quarts, and the materials price variance was calculated at the time of purchase? If required, round your answers to the nearest cent. What would be the materials price variance (MPV)? 308 X Unfavorable What would be the materials usage variance (MUV)? 770 X Favorable X Feedback