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Albert Manufacturing Company manufactures a single product. The standard cost of one unit of this product is: Direct Material: 6 meters $1.50 per meter Direct Labour: 1 hour $6.75 per hour Variable overhead (allocated per labour hour) $4.50 per hour During the month of October, 6000 units were produced. Selected cost data relating to the months production follow: Direct Material 60,000 meters at $1.43 per meter (note: only 38,000 meters were used in production) Direct Labour $41,925 Variable overhead cost incurred $30,713 Variable overhead efficiency variance $2,250 There was no beginning inventory of raw materials. The variable overhead rate is based on direct labour hours.
Required:
Question 1. For direct materials, compute the price and quantity variances for the month
Question 2. For direct labour, compute the rate and efficiency variances for the month
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