Question: Help me check my work! Same format please. A company reports the following for one of its products. Direct saterials standard (5 pounds @ $2

Help me check my work! Same format please.

A company reports the following for one of its products. Direct saterials standard (5 pounds @ $2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ = Actual Quantity SQ - Standard Quantity AP = Actual Price SP Standard Price 5 10 per unit 380,000 pounds 65,000 units $.703,000 Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost AQ AP AQ Standard Cost 0 SP so SP 5 0 $ 0 $ 0 +

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