Smithy Company produces hockey helmets. The standard cost for each helmet is as follows:
Direct material 5.0 lbs at $4.00/lb. $20.00 Direct labor 2.0 hrs @ $16.00/hr. $32.00 Overhead $10.00
During November, 2,000 helmets were produced. 10,600 lbs. of material were purchased and used during November, at a total cost of $44,520. Labor worked 3,870 hours at a total cost of $61,146. Actual overhead was $21,900. The overhead cost of $10.00 per helmet was determined using an estimated monthly fixed overhead of $13,200 and a variable overhead of $4.00 per helmet.
What is the labor rate variance? $_______________
What is the labor efficiency variance? $_______________
What is the materials price variance? $_______________
What is the materials quantity variance? $_______________