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The following direct materials data pertain to the operations of Sheffield Co. for the month of December. Standard materials price $5.00 per pound Actual

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The following direct materials data pertain to the operations of Sheffield Co. for the month of December. Standard materials price $5.00 per pound Actual quantity of materials purchased and used 16,960 pounds The standard cost card shows that a finished product contains 4 pounds of materials. The 16,960 pounds were purchased in Decem at a discount of 4% from the standard price. In December, 4,130 units of finished product were manufactured. Calculate the materials variances. Identify whether each variance is favorable or unfavorable. Materials Price Variance $ Materials Quantity Variance $ Total Materials Variance $ Not Applicable Favorable Unfavorable

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