Chevron Phillips Company makes Product ABC and shares the standard inputs for the materials that make up Product ABC:

10.8 Ibs - Standard quantity per unit

$4 - Standard price per pound

Chevron Phillips Company produced 50,000 units of Product ABC, which took 600,000 pounds of material costing $2,390.000.

a. Total materials variance and indicate whether it is favorable or unfavorable.

b. Materials price variance and indicate whether it is favorable or unfavorable

c. Materials usage variance and indicate whether it is favorable or unfavorable

d. Provide a brief explanation for the variances you've calculated Include what the variance means and a possible cause of the variance