(Answered) Direct materials price and usage variancesthe woods

Accounting

Direct Materials Price and Usage Variances

The Woods Enterprises prepared the following standard costs for the production of one stuffed bear:

Actual production costs for the production of 1,000 stuffed bears required 1,750 pounds of stuffing at a cost of $1.95 per pound and 1,950 labor hours at $15.25 per hour.

Required:

If required, round your answers to the nearest cent. Enter all amounts as positive numbers.

A. Calculate the direct material price variance.

B. Calculate the direct material usage variance.

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