Prepare variance analysis on scratch paper using the following information for direct materials used in production of a product produced by the ABC Co$.$

and fill in the required blanks. Do not use commas or $ signs!!

Standards:

Each unit produced requires $8lbs.$ of direct materials.

Each pound of direct materials costs $$6$

Actual results:

$5,500$ units produced

$45,600$ pounds of direct materials were used in production.

Actual costs of direct materials is $$282,720.$

Price variance in dollars?

Is the Price variance favorable or unfavorable? Enter $F$ for favorable or $U$ for unfavorable

Quantity variance in dollars?

Is the Quantity variance favorable or unfavorable? Enter $F$ for favorable or $U$ for unfavorable

What is the Total variance in dollars?

Is the Total variance favorable or unfavorable? Enter $F$ for favorable or $U$ for unfavorable