Krumple Inc. produces aluminum cans. Production of 12 -ounce cans has a standard unit quantity of 4.4 ounces of aluminum per can. During the month of Apri, 297,000 cans were produced using 1,256,000 ounces of aluminum. The actual cost of aluminum was $0.17 per ounce and the $ tandard price was $0.06 per ounc There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as positive numbers and select Favorable or Unfavorable, Materials Price Variance Material Usage Variance $ Feodtoak TCheck My Work 1. Determine the material price variance = (actual cost per unit - standard cost per unit) x actual quantity 2. Compare the actual to the standard cost and determine if the result from above is favorable or unfavorable 3. Determine the material usage variance = (actual quantity - standard quantity) standard cost per unit 4. Compare the actual to the standard quantities and determine if the result from above is favorable or unfavorable Review the "How to Calculate Materials Variances: Formula and Columnar Approaches" example in your text