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Calculate all material variances

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Question - The following actual data was given for the firm. 6,000 pounds of material were purchased costing $ 48,000. Five hundred units were produced requiring 1500 labor hours costing $7,500 and 1, 000 pounds of material. The standard for labor is 2 hours per unit with a wage rate of $5 per hour and for materials 3 pounds per unit at a price of $15 per unit.

Required -

A) Calculate all labor variances?

B) Calculate all material variances?

C) Write an analysis of how you would explain the labor variances to management?

Reference no: EM133086072

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