Ulysses Company's standard cost per unit of material M-12 is $ 13.50 per pound. During the month, 4,500 pounds of M-12 were purchased at a total cost of $60,300. In addition, 4,000 pounds of M-12 were used during the month; however, the standard quantity allowed for actual production is 3,800 pounds.
Required:
Compute the materials purchase price variance, price usage variance, and quantity variance, indicating whether the variances are favorable or unfavorable.