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EXERCISE 3: Flexible budget variances can be further analyzed to determine whether the variance was due to an unexpected fluctuation in price or usage. Use the following data to determine a price and usage variance L.- nimant Marerials: How many gallons per unit did Bettis originally plan for in its budget (standard)? 8 gallons (above) ettis can multiply this number by the actual units to derive how many gallons it should (expects) to use for e actual quantity produced and sold. It can then compare those numbers to actual results: So, Bettis expected to use a total of 65,600 gallons to produce 8,200 units (barrels). We call this the "Standard Quantity". WARNING: This number is often miscalculated. The definition of "Standard Quantity" is: Standard Quantity = The amount we SHOULD have used for the ACTUAL quantity produced. Use the columnar approach to solve for the price and usage variance and interpret the variances as Favorable (F) or Unfavorable (U). BE SURE TO USE THE DEFINITION ABOVE WHEN CALCULATING STANDARD QUANTITY IN THE RIGHT MOST COLUMN