Practice Materials Variance
A company manufactures muzzles and requires 3 raw materials.
Standard costs are:
Materials	Quantity	price/inch	Stand/muzzle
Elastic	3 inches	0.03	0.09
Cotton	4 inches	0.05	0.20
Leather	6 inches	0.10	0.60
		Total	0.89
Actual costs are:
Materials	Quantity	price/inch	Stand/muzzle
Elastic	4 inches	0.04	0.16
Cotton	4 inches	0.06	0.24
Leather	7 inches	0.10	0.70
		Total	1.1
Number of muzzles produced 30
Determine material price and material quantity variances for all.