Urieta, Inc. produced 1,000 units of the company's product in 2009. The standard quantity of materials was
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Urieta, Inc. produced 1,000 units of the company's product in 2009. The standard quantity of materials was 3 yards of cloth per unit at a standard price of \(\$ 1\) per yard. The accounting records showed that 2,800 yards of cloth were used and the company paid \(\$ 1.10\) per yard. Standard time was 2 direct labor hours per unit at a standard rate of \(\$ 5\) per direct labor hour. Employees worked 1,500 hours and were paid \(\$ 4.75\) per hour. Calculate the materials price variance and the materials efficiency variance, as well as the labor price and efficiency variances.
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