Material Variances MEMO Compute the material quantity variance and material price variance for 3 materials involved in the production of Whoozits. Management would like you to point out and explain to them any significant >$100) unfavorable material variances. Please compose a memo (must be TYPED) to your manager, Joel DeNamur, pointing out any of these variances and what they mean. Please explain each significant variance separately. ONLY describe unfavorable significant variances. Do NOT discuss anything else. To give you a hint, you should have at least 1 price variance and 1 quantity variance to explain. If you don't, you have an error somewhere. (5 points) Standard Quantity Standard cost for 1 unit per Pound 850 lbs. .40 150 lbs. 1.20 41 lbs. 20.50 Material A B B Actual production was 15 units and actual quantity and costs were: A 12,850 lbs. 2.395 lbs. 616 lbs. .42 1.12 20.20 | This problem has 3 parts (1 for each material) and 2 sections to each material (calculate quantity variance AND price variance). Please label everything clearly as each variance section is worth 2 points for a total of 12 points. Also label each as Favorable or Unfavorable for 1 more point each. Round answers to the penny. Don't round to the dollar. A Qty. Variance A Price Variance B Qty. Variance B Price Variance C Qty. Variance Price Variance