Managerial Accounting: Ex7-4 The following data relate to the direct materials cost

Managerial Accounting
EX7-4 Direct Materials Variances
The following data relate to the direct materials cost for the production of 2,000 automobile tires:
Actual 43,100 lbs at $2.05 $88,355
Standard 44,100 lbs at $2.00 $88,200

a. Determine the price variance, quantity variance and total direct materials cost variance.
b. To whom should the variances be reported for analysis and control?
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