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Item 8

Item 8 Part 2 of 3 10 points

Required information

[The following information applies to the questions displayed below.] A manufactured product has the following information for June.

	Standard	Actual
Direct materials	7 lbs. @ $8 per lb.		60,100	lbs. @ $8.20 per lb.
Direct labor	2 hrs. @ $15 per hr.		16,800	hrs. @ $15.50 per hr.
Overhead	2 hrs. @ $12 per hr.	$	209,800
Units manufactured			8,500

Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price