1 Aremco Products incurred the actual and standard direct materials costs for producing a specified quantity of product are as follows Actual: 51,000 lbs. at $5.05 Standard 50,000 lbs. at $5.00 material variance Actual Quantity Actual Price Actual Hours Actual Rate 2 Bower Company produced 4,000 units of product. Each unit requires 0.5 standard hour. The standard labor rate is $12 per hour. Actual direct labor for the period was $22.000 (2.200 hrs. $10 per hr.). The direct labor time and rate variance is: labor rate variance formula $257,550 $250,000 Actual Quantity Actual Price Actual Quantity Standard Price Actual Hours Actual Rate Actual Hours Standard Rate 3 Lo-bed Company produces a product that requires 4 standard direct labor hours per unit at a standard hourly rate of $28.00 per hour If 4,000 units required 16,750 direct labor hours at an hourly rate of $28.40 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) total cost variance? Actual Quantity Standard Price Standard Quantity Standard Price Actual Hours Standard Rate Standard Hours Standard Rate Standard Quantity Standard Price Standard Hours Standard Rate