Compute the total price and quantity variances

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Question - The direct materials and direct labor data shown below pertain to the operations of Laurel Manufacturing Company for the month of August.

Costs

Actual labor rate

$13

per hour


Actual materials price

$132

per ton


Standard labor rate

$12

per hour


Standard materials price

$136

per ton


 

Quantities

Actual hours incurred and used

4,605 hours


Actual quantity of materials purchased and used

1,143 tons


Standard hours used

4,700 hours


Standard quantity of materials used

1,122 tons


Compute the total, price, and quantity variances for materials and labor.

Reference no: EM132058257

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