Analysis of Materiols and Labor Variances RDI Products Co. manufactures a variety of products made of plastic and aluminum components. During the winter months, substantially all of the production capecity is devoted to the production of lawn sprinklers for the following spring and summer seasons. Other products are manufactured during the remainder of the year The company has developed standard cost system for its several products. Standard costs for cach yeer are set in the preceding October. The standard cost of a sprinkler for the current year is s3.70, computed as follows: Direct materials $ 08 38 2.40 Aluminum-2 lb $40 per Ib. Plastic-10 lb@$38 per b Production labor-3 hr $8.00 per hr Factory overhead Total. During February, RDI Products manufactured 8,500 good sprinklers, The company incurred the following costs, which it charged to production: Materials requisitioned for production: $ 760 2,280 1330 23,220 7,140 $34730 Aluminum-1,900 lb$40 per b Plastic-Regular grade-6,000 lb $38 per lb Low grade-3,500 lb $38 per b Production labor-2,700 hr$8.60 per hr Factory averhoad Costs charged to production Materials price variations are not determined by usage but are charged to a materials price variation account at the time of purchase. All materials are carried in inventory at standard prices. Materials purchases for February were as follows $ 864 1,500 1,740 Plastic-Rogular grado-3,000 lb$.50 por lb... Low grade-6,000 b$29 per Ib Required Calculate price and usage variances for each type of matorial and for labor Usc F and 'U to indicate favorable and unfavorable voriances. Enter all amounts as positive numbers Materials quantity variance for Aluminum Materiels quentity variance for Plastic Materials purchase price variance for Aluminum Materiels purchase price variance for Plastic-regular grade Materials purchase price variance for Plastic-low grade Labor efficiency variance 380 152 152 1290 1620