Question - The direct materials and direct labor data shown below pertain to the operations of Laurel Manufacturing Company for the month of August.
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Costs
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Actual labor rate
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$13
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per hour
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Actual materials price
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$132
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per ton
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Standard labor rate
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$12
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per hour
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Standard materials price
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$136
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per ton
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Quantities
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Actual hours incurred and used
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4,605 hours
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Actual quantity of materials purchased and used
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1,143 tons
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Standard hours used
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4,700 hours
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Standard quantity of materials used
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1,122 tons
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Compute the total, price, and quantity variances for materials and labor.