Chapter 23: Homework Question 1: (1 point) The following relates to Preston Company: Standard direct materials cost per unit: 2 pounds at $8.75 per pound. During the current year, Preston purchased and used 5,500 pounds of materials at a cost of $8 per pound to manufacture 2,500 units. Required: Calculate the favorable amount of the materials price variance. When entering the answer in Blackboard, omit $ signs. Chapter 23: Homework Question 2: (1 point) The following relates to Preston Company: Standard direct materials cost per unit: 2 pounds at $8.75 per pound. During the current year, Preston purchased and used 5,500 pounds of materials at a cost of $8 per pound to manufacture 2,500 units. Required: Calculate the unfavorable amount of the materials quantity variance. When entering the answer in Blackboard, omit $ signs. Chapter 23: Homework Question 3: (1 point) The Joy- Ride Corporation has established labor standards as 4 hours to manufacture one unit at a standard labor rate of $15 per hour. During the current year, 1,000 units were produced and 4,600 actual direct labor hours were recorded. Actual labor rate paid was $14.00 per hour. Required: Calculate the favorable amount of the labor rate variance. When entering the answer in Blackboard, omit $ signs. Chapter 23: Homework Question 4: (1 point) The Joy- Ride Corporation has established labor standards as 4 hours to manufacture one unit at a standard labor rate of $15 per hour. During the current year, 1,000 units were produced and 4,600 actual direct labor hours were recorded. Actual labor rate paid was $14.00 per hour. Required: Calculate the unfavorable amount of the labor time variance.