Time Left:1:53:05 Balwinder Singh: Attempt 1 Question 1 (2 points) Elia Ltd has set the following direct material standards per unit of product: 2.5 kg @ $3.00 per kg. During April, actual direct material purchased and used amounted to 8000 kg at a total cost of $24,800. Actual production amounted to 3000 units. Determine Elia's direct Material Price variance. (See formulas below) Standard Costs Formulas as per your prescribed text book PQ-Purchased Quantity: AP Actual Price; SP - Standard Price: AQ - Actual Quantity: SQ-Standard Quantity; AR Actual Rate; SR - Standard Rate; AH - Actual Hours; SH - Standard Hours Material Variances Direct Material Price Variance (based on purchased quantity=PQIAP-SP) / (PQ x AP)-(PO X SP) Direct Material Quantity Variance = SPIAQ -sa) / (AQ XSP) - (sax SP) Total Material Variance = Price Quantity from above a) $700(U) b) $800(U) c) $1,500 (U) d) $750(U)