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QS 23-7 Materials variances LO P2 Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ $7 per lb.) Actual

QS 23-7 Materials variances LO P2 Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ $7 per lb.) Actual finished units produced Actual cost of direct materials used $ 28 per finished unit 110,000 units $3,115,000 Compute the total direct materials cost variance and classify it as favorable or unfavorable. Direct materials cost variance

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