The Koski Company has established standards as follows:Direct material3 pounds @ $4/poundDirect labo

The Koski Company has established standards as follows:Direct material3 pounds @ $4/poundDirect labor2 hours @ $8/hourVariable Overhead2 hours @ $5/hourActual production figures for the past year were as follows:Units produced500Direct material used1,600 poundsDirect material purchased (3000 pounds)$12,300Direct labor cost (950 hours)$7,790Variable overhead cost incurred$4,655The material price variance is:Answer$160 U$6,300 U$300 U$150 UThe Koski Company has established standards as follows:Direct material3 pounds @ $4/poundDirect labor2 hours @ $8/hourVariable Overhead2 hours @ $5/hourActual production figures for the past year were as follows:Units produced500Direct material used1,600 poundsDirect material purchased (3000 pounds)$12,300Direct labor cost (950 hours)$7,790Variable overhead cost incurred$4,655The material quantity variance is:Answer$400 U$410 F$410 U$6,000 U

 

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