Refer to the preceding question about Ranger Company. In producing its product, Ranger Company used 1,500 pounds of direct materials at an actual cost of \($1.50\) per pound. The standard for Ranger’s production level was 1,400 pounds at \($1.40\) per pound. What is Ranger’s direct materials quantity variance?

a. \($150\) favorable.

b. \($140\) favorable.

c. \($150\) unfavorable.

d. \($140\) unfavorable.

Data from Preceding question

In producing its product, Ranger Company used 1,500 hours of direct labor at an actual cost of \($15\) per hour. The standard for Ranger’s production level is 1,400 hours at \($14\) per hour. What is Ranger’s direct labor rate variance?