Answer:- Direct Material price variance= $6130 U.
Direct Material Quantity variance = $3200 U.
Explanation-
1)-Material price variance = (Standard price – Actual price) * Actual quantity used
= ($8.00 per lb. - $8.10 per lb.)*61300 lbs.
= $6130 Unfavorable
2)-Material Quantity variance = (Standard Quantity- Actual Quantity)*Standard price
=(60900 lbs. – 61300 lbs.)*$8.00 per lbs.
= $3200 Unfavorable
Where:-
Standard Quantity = No. of lb. per unit*Actual output
= 7 lbs. per unit *8700 units = 60900 lbs
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