(Answered) Question - a company makes and sells custom-made puzzles

Accounting

Question - A company makes and sells custom-made puzzles. The company has set the following standard quantities and costs for materials and labor per unit for one of its specialty puzzles:

Direct materials	.25 lbs per unit at $8.00 per unit	$2.00
Direct labor	.75 hours per unit at $10.00 per hour	$7.50
	Total standard cost per unit	$9.50

During the month, the company budgeted to produce 500 puzzles but actually produced 450 puzzles. Total material costs were $980.

What is the direct materials variance in this situation?

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