2.39

Dave's Chairs makes furniture and uses a standard cost system. The standard prices are included below.

Direct labor $28.00 per hour

Standard time per set of chairs 5.0 hrs.

Direct materials $12.00 per board foot

Standard quantity 18 bd.ft. per set

Variable factory overhead $2.00 per direct labor hour

Fixed factory overhead $19.00 per set

Calculate the Standard price for a set of Dave's chairs.

$385 per set

$360 per set

$229 per set

$420 per set

2.34. Wily" that requires 2.5 standard pounds to produce. The standard price of the material is $3.50 per pound. If 15,000 units actually required 36,000 pounds of material, which were purchased at $4 per pound, what is the direct materials price variance and direct materials quantity variance in dollars, respectively. $18,000 and ($5,250), respectively $9,000 and ($5,625), respectively $0.50 and $1,500, respectively $12,000 and $5,225, respectively