barone inc. manufactures one product called tybos. The company uses standard cost system and sells each tybo for $8. At the start of monthly production, Barone estimated 3200 tybos would be introduced in March. Barone has established the following material and labor standards to produce one tybo:

standard quantity standard price

direct materials 2.5 pounds $3 per pound

direct labor 0.6 hours $10 per hour

during March 2006, the following activity was recorded by the company relating to the production of tybos:

1. the company produced 3000 units during the month.

2. a total of 8000 pounds of materials were purchased at a cost of $22000.

3. a total of 8000 pounds of materials were used in production.

4. 1600 hours of labor were incurred during the month at a total wage cost of $17000.

Instructions:

Calculate the following variances for March for Barone, Inc.

(a) materials price variance

(b) materials quantity

(c) labor price variance

(d) labor quantity variance