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Direct Materials VariancesTip Top Corp. produces a product that requires 10standardgallons per unit. The...

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Question

Accounting

Direct Materials VariancesTip Top Corp. produces a product that requires
10standardgallons per unit. The standard price is $4
per gallon. If 5,500 units required 57,200 gallons, which were
purchased at $3.92 per gallon, what is the direct materials
(a)price variance, (b)quantity variance, and
(c)cost variance? Enter a favorable variance as a negative
number using a minus sign and an unfavorable variance as a positive
number.

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