The Koski Company has established standards as follows:Direct material3 pounds @

The Koski Company has established standards as follows:Direct material3 pounds @ $4/poundDirect labor2 hours @ $8/hourVariable Overhead2 hours @ $5/hourActual production figures for the past year were as follows:Units produced500Direct material used1600 poundsDirect material purchased (3000 pounds)$12300Direct labor cost (950 hours)$7790Variable overhead cost incurred$4655The material price variance is:Answer$160 U$6300 U$300 U$150 UThe Koski Company has established standards as follows:Direct material3 pounds @ $4/poundDirect labor2 hours @ $8/hourVariable Overhead2 hours @ $5/hourActual production figures for the past year were as follows:Units produced500Direct material used1600 poundsDirect material purchased (3000 pounds)$12300Direct labor cost (950 hours)$7790Variable overhead cost incurred$4655The material quantity variance is:Answer$400 U$410 F$410 U$6000 U