Question
HandleyJewelry produced1,530rings during March. The standard cost of each ounce of gold used in a ring is $1,000per ounce. The standard quantity of material for
HandleyJewelry produced1,530rings during March. The standard cost of each ounce of gold used in a ring is $1,000per ounce. The standard quantity of material for each ring is a half ounce of gold per ring. The cost of gold purchased and used in March was $749,000at $1,070per ounce. Determine the material price variance and the material quantity variance for March. Indicate whether each variance is favorable or unfavorable.(Enter all variances as a positive number.)
Material price variance $ select an option
Unfavorable/Favorable/Neither Unfavorable nor Favorable
Material quantity variance $ select an option
Favorable/Neither Unfavorable nor Favorable/Unfavorable
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