Important information about Price and quantity variances
Total price and quantity variances for materials and labor
Haslett Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.
Direct materials (8 pounds at $2.75 per pound) $22
Direct labor (3 hours at $16.00 per hour) $48
During the month of April, the company manufactures 231 units and incurs the following actual costs.
Direct materials purchased and used (1,930 pounds) $8,106
Direct labor (700 hours) $10,150
Total materials variance $ Favorable/Unfavorable
Materials price variance $ Unfavorable/Favorable
Materials quantity variance $ Favorable/Unfavorable
Total labor variance $ Favorable/Unfavorable
Labor price variance $ Favorable/Unfavorable
Labor quantity variance $ Favorable/Unfavorable
Compute the total, price, and quantity variances for materials and labor. (Round unit costs to 2 decimal places, e.g. 10.50 and all other computations and final answers to 0 decimal places, e.g. 125.)