Reference no: EM13572861

Standard cost system-materials and labor variances Job no. 811 involved the production of 200 units of product MF. The total standard and actual costs for materials and direct labor on this job are shown below: Direct materials: Standard: 520 pounds @$3.40 per pound Standard: $1,768 Actual: 540 pounds @ $3.45 per pound Actual: $1,863 Direct Labor: Standard: 220 hours @$10 per hour Standard: $2,200 Actual: 213 hours @11 per hour Actual: $2,343 Compute the following cost variances for job no. 811. Indicate whether each variance is favorable (F) or unfavorable (U). (a) Materials price variance: $(b) Materials quantity variance: $(c) Labor rate variance(d) Labor efficiency variance.