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Direct Materials Variances Venneman Company produces a product that requires 1 4 standard pounds per unit. The standard price is $ 1 1 . 5

Direct Materials Variances
Venneman Company produces a product that requires 14 standard pounds per unit. The standard price is $11.50 per pound. If 4,000 units required 54,300 pounds, which were purchased at $11.96 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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