Total price and quantity variances for materials and labor


Task: 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.)

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