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Question 5 (15 points) The following standards have been established for a raw material used...

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Accounting

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Question 5 (15 points) The following standards have been established for a raw material used in the production of product G13: Standard quantity of the material per unit of output Standard price of the material 2.4 liters $17.00 per liter The following data pert to a recent month's operations: 5,600 liters Actual material purchased Actual cost of material purchased Actual material used in production Actual output $99,400 4,885 liters 2,030 units of product G13 Calculate: 1. The material price variance II. The material quantity variance III. Who is most likely responsible for the price variance? Explain why IV. Which of the variances in this situation should be given the greater attention? Choose the correct response. Price Variance Quantity Variance Explain why you made the choice that you did

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