Question: Flykow productions manufacturing & sold 1000 production at $11000 each during the last year. At the starting of the year, production had been set at 1200 products; direct materials standards had been set at 100 pounds of direct materials at 2 dollar each pound for each product produced. During the year, company purchased & used 98000 pounds of direct materials; the cost was $2,04 / pound. Compute Flykow production's direct materials value & quantity variances for the year.