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QS 23-8 Materials variances LO P3 Tercer reports the following for one of its products....

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QS 23-8 Materials variances LO P3 Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ $2 per lb.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used $ 8 per finished unit 360,000 lbs. 76,000 units $648,000 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price and quantity variances and classify each as favorable, unfavorable or no variance. Actual Cost Standard Cost 0 S 0 0 $ 0 0 Direct materials quantity variance Unfavorable

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