Tercer reports the following for one of its products. ...
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Accounting
Tercer reports the following for one of its products.
| Direct materials standard (3 lbs. @ $2 per lb.) | $ | 6 | per finished unit | |
| Actual direct materials used (AQ) | 260,000 | lbs. | ||
| Actual finished units produced | 70,000 | units | ||
| Actual cost of direct materials used | $ | 455,000 | ||
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 or unfavorable
Actual Cost Standard Cost
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