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 $2.50 per pound) |
$20 |
|
Direct labor (3 hours at $12.00 per hour) |
$36 |
During the month of April, the company manufactures 230 units and incurs the following actual costs.
|
Direct materials purchased and used (1,900 pounds) |
$4,940 |
|
Direct labor (700 hours) |
$8,120 |
Instructions
Compute the total, price, and quantity variances for materials and labor.