Heavy Products, Inc. developed standard costs for direct material ...

[fagboi]

Heavy Products, Inc. developed standard costs for direct material and direct labor. In 2017, AII estimated the following standard costs for one of their major products, the 10-gallon plastic container.

Budgeted quantity

Budgeted price

Direct materials

0.70 pounds

$70 per pound

Direct labor

0.10 hours

$35 per hour

During June, Heavy Products produced and sold 25,000 containers using 23,000 pounds of direct materials at an average cost per pound of $75 and 17,500 direct manufacturing labor-hours at an average wage of $35.75 per hour.

The direct material price variance during June is ________.
◦ $115,000 unfavorable
◦ $500,000 favorable
◦ $500,000 unfavorable
◦ $13,125 favorable

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[fagboi]

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