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10.5

Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: The actual results for the year are as follows: a. Units produced: 370,000 . b. Materiais purchased: 2,590,000 pounds it 55.50 . c. Materials used: 2,257,000 pounds. d. Direct labor: 814,000 hours or \$11.16. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: The actual results for the year are as follows: a. Units produced: 370,000 . b. Materiais purchased: 2,590,000 pounds it 55.50 . c. Materials used: 2,257,000 pounds. d. Direct labor: 814,000 hours or \$11.16. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable