Question - The following direct materials and direct labor data pertain to the operations of Morgan Manufacturing Company for the month of August.
Costs
Quantities
Actual labor rate $13 per hour Actual hours incurred and used 4,200 hours
Actual materials price $128 per ton Actual quantity of materials purchases and used 1,225 tons
Standard labor rate $12 per hour Standard hours used 4,300 hours
Standard materials price $130 per ton Standard quantity of materials used 1,200 tons
Compute the total, price, and quantity variances for materials and labor.
Total materials variance $
Materials price variance $
Materials quantity variance $
Total labor variance $
Labor price variance $
Labor quantity variance $