Giovanni Company produces a product that requires four standard gallons per unit. The standard price is $

Question:

Giovanni Company produces a product that requires four standard gallons per unit. The standard price is $ 34.00 per gallon. If 3,500 units required 14,400 gallons, which were purchased at $ 33.25 per gallon, what is the direct materials
(a) Price variance,
(b) Quantity variance,
(c) Cost variance? Direct materials variances