Problem 1 (Textbook Reference: P8-1)- Compute materials variances A product has a standard materials usage and of materials were purchased at $7.30 materials. cost of 4 pounds per unit at $7.00 per pound. During the month, 2,400 pounds per pound. Production for the month totaled 550 units requiring 2,100 pounds of Required: (circle F or U to indicate whether the variance is favorable or unfavorable) 1. Compute the materials price variance: 2. Compute the materials quantity usage variance: 3. Compute the total materials variance: 120 o F or U F or U F or U ***You must show your work to receive credit*** SR Fer achual procuchen 55P ? 2200