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The Woods Enterprises prepared the following standard costs for the production of one stuffed bear:
Direct materials 1.5 pounds of stuffing @ $2 per lb
Direct labor 2 hours of assembly @ $15 per hr
Actual production costs for the production of 1,000 stuffed bears required 1,750 pounds of stuffing at a cost of $1.95 per pound and 1,950 labor hours at $15.25 per hour.
Question A.) Calculate the direct material price variance.
Question B.) Calculate the direct material usage variance.
Question c) calculate the direct labor rate variance
Question d) calculate the direct labor efficiency variance
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