Cardinal Company has determined the following standard cost data necessary to manufacture one unit of its primary product:

Direct Materials.. (6 pounds @ $20)

Direct Labor. .(8 hours @ $15)

During 20X1, Cardinal produced only 1 unit of product. This unit required 7 pounds of direct material (a total of 8 pounds were purchased at a cost of $18 per pound). In addition, total payroll costs for direct labor during 20X1 were $130 (10 hours @ $13 per hour).

Required:

Answer the following questions, indicating BOTH the dollar amount of each variance and whether each variance is FAVORABLE (F) or UNFAVORABLE (U).

The materials price variance was $__ The materials efficiency (usage) variance was $__ The labor rate (price) variance was $__ The labor efficiency (usage) variance was $__

The total cost of the unit completed in 20X1 and transferred from Work in Process to Finished Goods was $