Gilder Corporation makes product with the following standard costs: Standard Quantity or Standard Price or Rate Standard Cost Per Hours Unit $11.00 per gram Direct materials 6.70 $73.70 grams Direct labor 0.50 hours $17.00 per hour $8.50 $ 4.00 per hour $2.00 Variable overhead 0.50 hours The company reported the following results concerning this product in June: Originally budgeted output 3,700 units Actual output 3,900 units Raw materials used in production 24,880 grams Purchases of raw materials 28.080 grams Actual direct labor-hours 1610 hours Actual cost of raw materials purchases $303,260 Actual direct labor cost $26,114 Actual variable overhead cost $7024 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for June is: 2017-24-03 $5,620 F $5,620 U $5,390 U $5,390 F References Difficulty: 2 Medium Multiple Choice Learning Objective: 11-01 Compute the direct materials price and quantity variances TB MC Qu. 11-105 Gilder Corporation makes a product