Tip Top Corp. produces a product that requires 14 standard gallons per unit. The standard price is $2.5 per gallon. If 2,100 units required 30,000 gallons, which were purchased at $2.45 per gallon, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a nositive number. Tip Top Corp. produces a product that requires 3 standard hours per unit at a standard hourly rate of $8 per hour. If 2,900 units required 8,400 hours at an hourly rate of $8.16 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 43,600 yards at a cost of $7.55 per yard. Determine the following: Enter favorable variances as negative numbers. Apex Lighting Inc, produces and selis lighting fixtures. An entry light has a total cost of $76 per unit, of which $39 is product cost and $37 is selling and administrative expenses. In addition, the total cost of $76 is made up of $38 variable cost and $38 fixed cost. The desired profit is $1 per unit. Determine the markup percentage on product cost. Round the answer to nearest whole number. The Swan Company produces its product at a total cost of $43 per unit. Of this amount, $8 per unit is selling and administrative costs. The total variable cost is $30 per unit and the desired profit is $20 per unit. Determine the markup percentage on variable cost. a. 465% b. 80% c. 100% d. 110%