Direct materials and direct labor variance analysis OBJ. 2, 3 Fancy Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 100 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows: Standard wage per hr. $21.00 Standard labor time per faucet 20 min. Standard number of lbs. of brass 5 lbs. Standard price per lb. of brass $2.80 Actual price per lb. of brass $2.72 Actual lbs. of brass used during the week 59,875 lbs. Number of faucets produced during the week 11,820 Actual wage per hr. $21.40 Actual hrs. for the week 4,000 hrs. Instructions Determine

(a) the standard cost per unit for direct materials and direct labor;

(b) the direct materials price variance, direct materials quantity variance, and total direct materials cost variance; and

(c) the direct labor rate variance, direct labor time variance, and total direct labor cost variance.