The following company information is available for March. The direct materials price variance is: Direct materials purchased and used 4,700 feet @ $99 per footStandard costs for direct materials for March production 4,800 feet @ $97 per foot

To calculate the direct materials price variance, we need to follow these steps:

1. First, calculate the actual cost of the materials. This is done by multiplying the actual quantity of materials purchased and used by the actual price per unit. In this case, it would be 4,700 feet * $99/foot =$465,300.

2. Next, calculate the standard cost of the materials. This is done by multiplying the standard quantity of materials by the standard price per unit. In this case, it would be 4,800 feet * $97/foot =$465,600.

3. Finally, subtract the standard cost from the actual cost to find the variance. In this case, it would be $465,300 -$465,600 = -$300.

So, the direct materials price variance is -$300. This means that the actual cost was$300 less than the standard cost.

To calculate the direct materials price variance, we need to follow these steps:

1. First, calculate the actual cost of the materials. This is done by multiplying the actual quantity of materials used by the actual price per unit. In this case, 4,700 feet were used at $99 per foot, so the actual cost is 4,700 *$99 = $465,300.

2. Next, calculate the standard cost of the materials. This is done by multiplying the standard quantity by the standard price per unit. In this case, the standard quantity is 4,800 feet at $97 per foot, so the standard cost is 4,800 *$97 = $465,600.

3. Finally, subtract the standard cost from the actual cost to find the direct materials price variance. In this case, the variance is $465,300 -$465,600 = -$300.

So, the direct materials price variance is -$300. This negative variance indicates that the actual cost was less than the standard cost, which is favorable from a cost control perspective.