Question: How much is the Price Variance? How much is the Quantity Variance? Eyeglass Products, Inc. (EPI) produces eyeglass cleaner products. The company expects to pay

Eyeglass Products, Inc. (EPI) produces eyeglass cleaner products. The company expects to

How much is the Price Variance?

How much is the Quantity Variance?

Eyeglass Products, Inc. (EPI) produces eyeglass cleaner products. The company expects to pay $12.60 per pound for their raw materials. EPI purchased 4,163 pounds of materials during the month of March for $14.50 per pound. A standard of 2.30 pounds of material is expected to be used for each eyeglass cleaner product produced. Even though EPI expected to produce 1,133 finished products, they actually produced 1,178 finished eyeglass cleaner products during the month of March and used 2,688.40 pounds of raw materials.

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