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Direct Materials Variances Venneman Company produces a product that requires 1 1 standard pounds per unit. The standard price is $ 1 0 . 0

Direct Materials Variances
Venneman Company produces a product that requires 11 standard pounds per unit. The standard price is $10.00 per pound. If 6,300 units required 66,500 pounds, which were purchased at $10.20 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) total direct materials cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

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