Venneman Company produces a product that requires 14 standard pounds per unit. The standard price is $5.00 per pound. If 3,500 units required 51,000 pounds, which were purchased at $5.10 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) total direct materials cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a.  Direct materials price variance $fill in the blank   b.  Direct materials quantity variance $fill in the blank   c.  Total direct materials cost variance $fill in the blank

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Direct Materials Variances

Venneman Company produces a product that requires 14 standard pounds per unit. The standard price is $5.00 per pound. If 3,500 units required 51,000 pounds, which were purchased at $5.10 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) total direct materials cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

a.  Direct materials price variance $fill in the blank
 
b.  Direct materials quantity variance $fill in the blank
 
c.  Total direct materials cost variance $fill in the blank
 
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