Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (9 pounds at $3.70 per pound) $33.30
Direct labor (5 hours at $11.00 per hour) $55.00
During the month of April, the company manufactures 340 units and incurs the following actual costs.
Direct materials purchased and used (1,500 pounds) $5,850
Direct labor (1,730 hours) $18,684
Compute the total, price, and quantity variances for materials and labor. (DROP DOWN OPTIONS ARE FAVORABLE, UNFAVORABLE OR NEITHER)
Total materials variance
Materials price variance
Total labor variance
Labor quantity variance