Question: Direct materials standard ( 4 pounds @ $ 3 per pound ) $ 1 2 per unitActual direct materials used ( AQ ) 3 5

Direct materials standard (4 pounds @ $3 per pound)$ 12per unitActual direct materials used (AQ)350,000poundsActual units produced70,000unitsActual cost of direct materials used$ 910,000
AQ = Actual Quantity
SQ = Standard Quantity
AP = Actual Price
SP = Standard Price
Compute the direct materials price and quantity variances and identify each as favorable or unfavorable.

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