Exotic Candle Company manufactures candles. The standard direct materials quantity required to produce one large...
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Exotic Candle Company manufactures candles. The standard direct materials quantity required to produce one large candle is four pounds at a cost of $2 per pound. During November, 6,400 large candles were produced using 26,112 pounds of direct materials that cost $54,835. What are the direct materials cost and efficiency variances? Indicate the amount and if the variances are favorable (F) or unfavorable (U). (Round your intermediary calculation to two decimal places and the final calculations to the nearest whole dollar.) Instructor tip Show supporting calculations for DM Cost Variance and the DM Efficiency Variance. Remember to label each answer to earn full credit (DM Cost Var. and DM Eff. Var.) In addition, explain in words in Show Work why the DM Cost Variance and the DM Efficiency Variance is F or U. Do not include formulas in your explanation. (2 points)
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