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1. The following data is given for the Stringer Company: Budgeted production 26,000 units Actual production 27,500 units Materials: Standard price per ounce $6.50 Standard

1. The following data is given for the Stringer Company:

Budgeted production

26,000 units

Actual production

27,500 units

Materials:

Standard price per ounce

$6.50

Standard ounces per completed unit

8

Actual ounces purchased and used in production

228,000

Actual price paid for materials

$1,504,800

Labor:

Standard hourly labor rate

$22 per hour

Standard hours allowed per completed unit

6.6

Actual labor hours worked

183,000

Actual total labor costs

$4,020,000

Overhead:

Actual and budgeted fixed overhead

$1,029,600

Standard variable overhead rate

$24.50 per standard labor hour

Actual variable overhead costs

$4,520,000

Overhead is applied on standard labor hours.

The direct materials price variance is______________________________________

The direct materials quantity variance is___________________________________

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