The following data relate to the direct materials cost for the production of 2,000 automobile tires:
actual 54600 lbs at 1.80 $ 98280
standard 53400 lbs at 1.85 $ 98790
a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Use the minus sign to enter favorable variances as negative numbers.
Price variance: _______________
Quantity variance: _____________
Total direct materials cost variance ____________