Ruby Company produces a chair for which the standard specifies 3 yards of material per unit. The standard price of one yard of material is $11.60. During the month, 8,500 chairs were manufactured, using 25,000 yards at a cost of $12.18 per yard.
Determine the following: Enter favorable variances as negative numbers.
a. Direct materials price variance $fill in the blank 1 Favorable/Unfavorable
b. Direct materials quantity variance $fill in the blank 3 Favorable/Unfavorable
c. Total direct materials cost variance