Wales Company purchased (at a cost of $11,680) and used 2,000 pounds of materials during May. Wales's standard cost of materials per unit produced is based on 2.70 pounds per unit at a cost $5.90 per pound. Production in May was 680 units.
Compute the total, price, and quantity variances for materials.
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Total Materials Variance
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$
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Neither favorable nor unfavorableFavorableUnfavorable
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Materials Price Variance
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$
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Neither favorable nor unfavorableUnfavorableFavorable
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Materials Quantity Variance
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$
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FavorableUnfavorableNeither favorable nor unfavorable
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