STANDARD VARIABLE COST CARD ONE UNIT OF PRODUCT Direct materials: 2 pounds x $50 per pound Direct labour: 1.5 hours x $20 per hour Variable overhead: 1.5 hours x $10 per hour Total standard variable cost per unit The company records materials price variances at the time of purchase. The following activities occurred during the month of February: Materials purchased 3,000 pounds at $48 per pound Materials used Units produced 2,100 pounds 1,000 units Direct labour 1,400 hours at $25 per hour $100.00 30.00 15.00 $145.00 Calculate the following variances and indicate if they are favourable (F) or adverse (A): 1. Material price 11. Material usage [2.5 marks] [3 marks]