Question: LIFT Elevator Company manufactures small hydroelectric elevators One of the
LIFT Elevator Company manufactures small hydroelectric elevators. One of the direct materials used is heavy-duty carpeting for the floor of the elevator. The direct materials quantity standard for May was 6 square yards per elevator. During May, the purchasing agent purchased this carpeting at $20 per square yard; the standard price for the period was $22. Fifty elevators were completed and sold during the month; the Production Department used an average of 6.5 square yards of carpet per elevator. Calculate the company's direct materials price and quantity variances for carpeting for May.
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