Thompson Medical manufactures medical equipment. Standard and actual data regarding one of the company's products are provided below. Standard quantity of materials..... Standard price... Actual production..... Actual materials used.. Actual total costs incurred.. Compute the price, quantity, and total materials variances. (i) Materials price variance.... (ii) Materials quantity variance... (iii) Total materials variance.......... + 000 3.00 feet per product $14.00 per foot 260 products 790 feet $10,950

Thompson Medical manufactures medical equipment. Standard and actual data regarding one of the company's products are provided below. Compute the price, quantity, and total materials variances. (i) Materials price variance. (ii) Materials quantity variance. (iii) Total materials variance