Actual Results

Totals

Direct Materials: $11,000$ pounds at $$19$ per pound

$$209,000$

Direct Labor: $2,050$ hours at $$31$ per hour

$$63,550$

Manufacturing Overhead $($$$205,000$ is fixed$)$

$$245,000$

Marketing Costs $($$$320,000$ is fixed$)$

$$380,000$

Total Revenue: $1,000$ units at $$940$ per unit

$$940,000$

Actual Machine Hours Worked

$550$ hours

Budgeted Values

Direct Materials: $10$ pounds at $$20$ per pound

$$200$ per unit

Direct Labor: $2$ hours at $$30$ per hour

$$60$ per unit

Variable Manufacturing Overhead: $0\mathrm{.}5$ Machine Hours at $$80$ per hour

$$40$ per unit

Fixed Manufacturing Costs

$$200,000$

Sales Volume

$900$ units

Marketing Costs

$$350,000+$ $$50$ per unit sold

Sales Price

$$1,000$ per unit

Question: What is the Direct Materials Price Variance and the Direct Labor Efficiency Variance?