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Calculate the labor price variance and the labor quantity

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Reference no: EM132179711

Question - Ravienda industries provide the following information about its standard costing system for 2014:

Standard data

Material 10lbs @$4 per lbs

Labor 3hrs @$22 per hr

Budgeted production 3500 units

Actual data

Produced 4000 units

Materials 50000 lb

Purchased $210000

Material used 41000lbs

Labor worked 11000hrs costing $220000

Calculate 1) the labor price variance 2) the labor quantity variance 3) total labor variance 4) the material price variance 5) material quantity variance 6) total material variance.

Reference no: EM132179711

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