NOTE: the correct answers are...

1.) 105

2.)mix variance=32,000F

3.)yield variance=15,200U

HOWEVER, I am more concerned with how to solve the problem. please show all steps and work. Thank you!

7. (1) During the month of January, 1,000 pounds of materials were purchased at a cost of $95 per pound. If there was a favorable direct materials price variance of $10,000, the standard cost per pound must be (2) XYZ Co. uses two types of materials in the production. The following standards were developed: Material Standard Mix Standard Unit Price Standard Cost M1 2 units $20 per unit $ 40 M2 3 units 12 per unit $36 Yield 25 units During January, the following actual production information was provided: Material Actual Mix M1 22,000 units M2 43,000 units Yield 320,000 units Determine the mix variance and the yield variance