Answer the following: Whereas U is for Unfavourable and F is for Favourable

OBJECTIVE 4 Exercise 10-14 Materials and Labour Variances 5 At the beginning of the year, Shults Company had the following standard cost sheet for one of its plastic products: Direct materials (5 kg @ $4.00) Direct labour (2 hrs.@ $11.25) Standard prime cost per unit $20,00 22.50 $42.50 The actual results for the year are as follows: Units produced: 175,000 b. Materials purchased: 930,000 kilograms@ $4.10 c. Materials used: 925,000 kilograms d. Direct labour: 362,500 hours@ S11.15 a. Required: 1. Compute price and usage variances for materials 2. Compute the labour rate and labour efficiency variances The material price variance is $ AV A/ (F, U) The material usage variance is $ AV (F, U) The total labour variances is $ AV (F, U) The labour rate/price variance is $ (F, U) The labour efficiency/usage variance is $ (F, U) Remember: enter all numbers rounded to the nearest dollar. Do not enter $ or, when you are entering dollar values