3) (Information for problems 3 through 8): Bulluck Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 3.5 grams 0.7 hours hours Standard Price or Rate 1.00 per gram 11.00 per hour 2.00 per hour 0.7 The company reported the following results concerning this product in July. units Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials purchased Actual direct labor rate Actual variable overhead rate 3,000 11,370 grams 1,910 hours 12,100 grams 1.20 S 11.40 2.10 per gram per hour per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for July is: 3) A) $1,044 F B) $870 F C) 8870 U D) $1,044 U 4) Bulluck Corporation makes a product with the following standard costs: The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for July is: 4) A) S2,420 F B) $2,100 U C) $2,100 F D) $2,420 U