Bellingham Company produces a product that requires 14 standard pounds per unit. The standard price is $8 per pound. If 2,100 units used 30,600 pounds, which were purchased at $7.84 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) 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 $ Favorable/Unfavorable
b. Direct materials quantity variance $ Favorable/Unfavorable
c. Direct materials cost variance $ Favorable/Unfavorable