At the beginning of June, Veneskey Printing Company budgeted 19,200 books to be printed in June at standard direct materials and direct labor costs as follows:
Direct materials ....... $ 36,000
Direct labor ........ 26,880
Total ............ $ 62,880
The standard materials price is $ 1.25 per pound. The standard direct labor rate is $ 14.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows:
Actual direct materials .......... $ 34,500
Actual direct labor .......... 24,500
Total .................$ 59,000
There were no direct materials price or direct labor rate variances for June. In addition, assume no changes in the direct materials inventory balances in June. Veneskey Printing Company actually produced 18,000 units during June. Determine the direct materials quantity and direct labor time variances.