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.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help