(Answered) Variance analysis question informationstandard quantity per

Finance

Variance Analysis Question Information:

Standard quantity per unit of output - 7 pounds

Standard Price - $18 per pound

Actual Material Purchased - 6,200 pounds

Actual cost of materials purchased - $114,000

Actual material used in production - 5,700

Actual Output - 700 units

Questions:

What is the materials quantity variance for the month? Is it favorable or unfavorable?
What is the materials price variance for the month? Is it favorable or unfavorable?
What are the total materials spending variance? Is it favorable or unfavorable?
Give possible explanations for the variances?

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