Reference no: EM132084594

Standard costs and actual costs incurred for the manufacture of 8000 units of product were as follows:

                     Standard Costs                                                       Actual Costs

Direct Materials:    8000 lbs @ $30                                    7750 lbs @ $30.20

Direct Labor:           10, 000 @ $36                                   10,250 hours at $38

Determine  (a) the quantity variance, price variance and total direct materials cost variance and (b) the time variance, rate variance and total direct labor variance