A manufactured product has the following information for, Accounting Basics

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A manufactured product has the following information for

A manufactured product has the following information for June. Standard Actual Direct materials (6 lbs. @ $8 per lb.) 52,700 lbs. @ $8.10 per lb. Direct labor (3 hrs. @ $15 per hr.) 25,900 hrs. @ $15.40 per hr. Overhead (3 hrs. @ $12 per hr.) $ 319,800 Units manufactured 8,700 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable.

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