Actual Cost of Direct Materials $$2,000$

Standard Cost of Direct Materials $$5,000$

Actual Materials Used $30$

Standard Materials Used $31$

Actual Direct Labor Rate $$14$

Standard Labor Rate $$15\mathrm{.}5$

Actual Hours Worked $42$

Standard Hours Worked $40$

Amount Favorable$/$ Unfavorable

Calculate Materials Variances:

Materials Price Variance

Materials Quantity Variance

Calculate Labor Variances:

Labor Rate Variance

Labor Efficiency Variance