1. Alvarado Company produces a product that requires 3.0 standard pounds per unit. The standard price is $6.00 per pound. If 8,000 units used 23,900 pounds, which were purchased at $6.20 per pound, what is the direct materials

(a) price variance,

(b) quantity variance, and

(c) cost variance?

2. Alvarado Company produces a product that requires 7.5 standard direct labor hours per unit at a standard hourly rate of $22.50 per hour. If 8,000 units used 60,200 hours at an hourly rate of$21.95 per hour, what is the direct labor

(a) rate variance,

(b) time variance, and

(c) cost variance?