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Gifford Corp. budgeted 4,000 pounds of material costing $5.00 per pound to produce 2,000 units. The company actually used 4,500 pounds that cost $5.10 per
Gifford Corp. budgeted 4,000 pounds of material costing $5.00 per pound to produce 2,000 units. The company actually used 4,500 pounds that cost $5.10 per pound to produce 2,000 units. Find the amounts for the direct materials variance, direct marerials quantity variance, and the total direct materials variance along with whether or not they're favorable or unfavorable. Show all your work. If possible, give reasons as to why the variances came out the way they did.
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