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Direct materials variances Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.50 per pound. 16,000 units used

Direct materials variances

Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.50 per pound. 16,000 units used 36,400 pounds, which were purchased at $3.70 per pound.

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

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What is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Round your answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

a. Direct materials price variance $fill in the blank 2 FavorableUnfavorableUnfavorable
b. Direct materials quantity variance $fill in the blank 4 FavorableUnfavorableFavorable
c. Direct materials cost variance $fill in the blank 6 FavorableUnfavorableUnfavorable

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