Question 12: The company has separate material and quantity standards for the shoes and jackets product lines. Assume the following standard price and quantities: For shoes, assume the budgeted cost per foot of leather (standard price) is $12.44 and the budgeted feet of leather per pair of shoes produced is 1.38. For jackets, assume the budgeted cost per foot of leather (standard price) is $15.16 and the budgeted feet of leather per jacket produced is 10.83. That is, the budgeted cost of direct materials to produce 1 jacket is $164.18 ($15.16 per ft 10.83 ft per jacket). (Hint: Calculate the direct material price and efficiency variances for each job and sum all of the variances together.) 12a: What is the direct material price variance? Make sure you enter the number with the correct sign. Answer: DM Price Variance (5) Favorable/Unfavorable 12b: What is the direct material efficiency variance? Make sure you enter the number with the correct sign. Answer: DM Efficiency Variance (5) Favorable/Unfavorable