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16 Epley Corporation makes a product with the following standard costs Standard Quantity or HoursStandard Price or Rate Direct materials Direct labor Variable overhead 2.0

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16 Epley Corporation makes a product with the following standard costs Standard Quantity or HoursStandard Price or Rate Direct materials Direct labor Variable overhead 2.0 pounds 1.3 hours 1.3 hours $7.00 per pound $11.00 per hour $3.00 per hour n July the company produced 5,000 units using 10,310 pounds of the direct material and 2,290 direct labor- hours. During the month, the company purchased 10,880 pounds of the direct material at a cost of $76,760. The actual direct labor cost was $38,241 and the actual variable overhead cost was $11,942. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for July is: O $460 U O $600 F $2170U O $460 F

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