P8-1: Compute Materials Variances

Compute the materials variances

P8-1: Compute Materials Variances A product has a standard materials usage and cost of 4 pounds per unit at $7.00 per pound. During the month, 2,400 pounds of materials were purchased at $7.30 per pound. Production for the month totaled 550 units requiring 2,100 pounds of materials Compute the materials variances