Reference no: EM132617352

Problem 1: Scenario 1: A Company has a standard of 1 direct labor hour per unit at $12 per hour. 3,850 labor hours costing $46,970 were used to produce 4,000 units.

1. Company's labor price variance is ___________

2. Company's labor quantity variance is ____________

3. Company's total labor variance is

Problem 2: Scenario 2: C Company manufactures a number of consumer items for general household use. During the recent month, the company manufactured 5,000 units using 12,000 pounds of material. The 14,000 pounds purchased cost the company $21,000. According to the standard cost card, each unit requires 2.2 pounds, at a cost of $1.40 per pound.

1. Material price variance is _____________

2. Material quantity variance______________