Time Left: 1:59:11 Anita Regmi: Attempt 1 Question 1 (2 points) Elia Lid has set the following direct material standards per unit of product: 2.5 kg @ $3.00 kg. During April, actual direct material purchased and used amounted to 8000 kg at a tot $24,800. Actual production amounted to 3000 units. Determine Elia's direct Material Price variance. (See formulas below) Standard Costs Formulas as per your prescribed text book PQ - Purchased Quantity; AP - Actual Price; SP - Standard Price; AQ - Actual Quantity; SQ-Standard - Actual Rate; SR - Standard Rate; AH - Actual Hours; SH - Standard Hours Material Variances Direct Material Price Variance (based on purchased quantity)= PQ(AP - SP) / (PQ x AP)-(PQx Direct Material Quantity Variance = SP(AQ - SQ) / (AQ x SP) - (SQ x SP) Total Material Variance = Price + Quantity from above