Tip Top Corp. produces a product that requires nine standard gallons per unit. The standard price is $8.5 per gallon. If 4,600 units required 42,200 gallons, which were purchased at $8.07 per gallon, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance?

Q: Prepare the following a. Direct method  b. Step-down method (allocate MR first)  c. Step-down…

A: Part a: Direct Method: Workings:

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Q: Parallel

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A:

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