17) The following data is given for the SMK Company:

Required:

a. Calculate the materials variances and indicate whether they are favorable or unfavorable:

b. Calculate the labor variances and indicate whether they are favorable or unfavorable:

Below is a similar example problem. I need help understanding where the numbers are being pulled from and if possible, in a similar format as the example but in more detail so I can have a better understanding.

EXAMPLE:

6) or LWVLEV=A+1(ARSR)=2100(13.0012.50)=$1050U=SR(AHSH)=12.50(21002250)=1875F 6) Fantastic Diapers made 3,000 batches this month. According to the plan, each batch needs 45 minutes of direct labor, which is paid $12.50 per hour, including benefits. Payroll records showed that 2,100 labor hours were worked and that 50 cents more per hour was paid. Calculate the labor wage variance and the labor efficiency variance (indicate each as favorable or unfavorable): (see attached) 7) Barb Bubbletop (BB) produces bangles. Each bangle requires 0.25 pounds of bronze which should cost $16 per pound. In August, BB purchased 11,000 pounds of bronze at a total cost of $165,000. In the month, 41,000 bangles were made, and all of bronze was consumed. Calculate the material price variance and the material quantity variance (indicate each as favorable or unfavorable): or MPVMQV=AQ(APSP)=11,000(15.0016.00)=11,000(1.00)=$11,000F=5P(AQSQ)=16.00(11,00010,250)=16.00(750)=$12,000U \begin{tabular}{ll} 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 & $4,016,850 \end{tabular}