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Wainwright Industries using standard costing to track the manufacturing cost through its production system. One of Wainwright's products is the popular Widget Each Widget requires

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Wainwright Industries using standard costing to track the manufacturing cost through its production system. One of Wainwright's products is the popular Widget Each Widget requires 3 Gizmos. Wainwright normally pays $2.00 for each Gizmo. In July, Wainwright manufactured 600 Widgets using 1,820 Gizmos which cost a total of $3,731. Determine each of the following variances. 1. $131 Favorable 2. $91 Unfavorable 3. $41 Favorable 4. $131 Unfavorable Material quantity variance 5. $91 Favorable Material cost variance 6. $41 Unfavorable 4. $131 Unfavorable Material quantity variance 5. $91 Favorable Material cost variance 6. $41 Unfavorable Total material variance 7. $40 Favorable 8. $90 Unfavorable 9. $90 Favorable 10. $40 Unfavorable

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