2. Stewart Corporation makes a product with the following standard costs:

	Standard Quantity or Hours	Standard Price or Rate
Direct materials	9.3 pounds	$8.00/pounds
Direct labor	0.4 hours	$19.00/hour
Variable overhead	0.4 hours	$7.00/hour

The company reported the following results concerning this product in August.

Originally budgeted output 3,000 units

Actual output 3,100 units

Raw materials used in production 30,370 pounds

Purchases of raw materials 33,900 pounds

Actual direct labor hours 1,340 hours

Actual cost of raw materials purchases $264,420

Actual direct labor cost $27,872

Actual variable overhead cost $8,844

The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. Required: a. Compute the materials quantity variance. b. Compute the materials price variance. c. Compute the labor efficiency variance. d. Compute the labor rate variance. e. Compute the variable overhead efficiency variance. f. Compute the variable overhead rate variance.

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