Materials Variances

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 April, 297,000 cans were produced using 1,240,000 ounces of aluminum. The actual cost of aluminum was $0.16 per ounce and the standard price was $0.05 per ounce. There are no beginning or ending inventories of aluminum.

Required:

Calculate the materials price and usage variances using the columnar and formula approaches.