KASPARIAN CORPORATION uses a standard costing system. Under expected operating conditions, a standard of 2 lbs. of material per unit has been established. The following addition information is available: Material purchased Accounts payable credit purchases Units produced Flexible budget for actual output The static budget variance (actual versus budgeted) Actual unit purchase price 35,000 lbs. $105,000 12,000 units 24000165 $ 60,000 $ 35,000 U $ 5.00 per pound Direct materials used in production 32,000 lbs 12. What is the standard average price per lb. of material? 13. Compute the direct materials usage(quantity) variance. (amount and direction) 14. How many units were budgeted to be produced according to the master budget? units 15. How many pounds of direct material were actually purchased? pounds 16. What is the journal entry to reflect the purchases of direct materials? ACCOUNT DEBIT 35000 CREDIT