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Compute total, price, and quantity variances for materials

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Reference no: EM133174120

Question - Whispering Winds Manufacturing, which produces a single product, has prepared the following standard cost sheet for one unit of the product.

Direct materials (6 pounds at $2 per pound) $12

Direct labor (2 hours at $12 per hour) $24

During the month of April, the company manufactures 470 units and incurs the following actual costs.

Direct materials purchased and used (3,040 pounds) $6,688

Direct labor (950 hours) $10,925

Required - Compute the total, price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable.

Reference no: EM133174120

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