Problem 16-64 (Algo) Direct Materials (LO 16-5)Information about direct materials cost follows for Jennings Chemicals: Standard price per gallon $ 56  Actual quantity used 4,430 gallonsStandard quantity allowed for production 4,460 gallonsPrice variance $ 18,163 U Required:What was the actual purchase price per gallon?Note: Round your answer to 2 decimal places.

The following company information is available. The direct materials quantity variance is: Direct materials used for production 47,000 gallonsStandard quantity for units produced 45,400 gallonsStandard cost per gallon of direct material $ 10.00  Actual cost per gallon of direct material $ 10.20

XYZ Company makes one product and has calculated the following amounts for direct materials: Actual cost: AQ x AP = $150,000; AQ x SP = $145,000; Standard cost: SQ x SP = $152,000. Compute the direct materials variance.Multiple choice question.$7,000 F$2,000 F$5,000 U$2,000 U

ABC Company's standard price for raw material #123 is $8 per gallon. During the month of January, ABC purchased 12,000 gallons of raw material #123 at $8.25 per gallon and used 10,500 gallons. ABC's raw material purchase price variance for January is Blank______.Multiple choice question.2,625 unfavorable3,000 favorable2,625 favorable3,000 unfavorable

During the current year, the cost of direct materials purchased by a manufacturing firm was $360,000, and the direct materials inventory increased by $80,000. What was the cost of direct materials used during the year?

Given the following information, calculate the materials price variance:Direct material purchased and used 30,000 kgCost of direct material $84,000Unfavourable direct materials usage variance $3,000Standard quantity of direct materials allowed for May production 29,000kg