Cost accounting: Variances

Exercise I Jiaqico makes vases out of clay. Use the following information to calculate the variances below $10 Standard Price per pound of clay Actual price per pound of clay Standard amount of clay per vase Standard number of DLH per vase Standard cost per hour of DLH Actual amount of clay used Actual production Actual labor cost Actual labor hours Actual purchases of clay 2 pounds 0.5 $41 31,000 pounds 15,000 vases $310,000 7,200 hours 32,000 pounds 1. The materials price variance (MPV) is: 2. The materials quantity (efficiency/ usage) variance is: 3. The direct-labor rate (price) variance is: 4. The direct-labor efficiency variance is: 5. The total direct-labor variance is: 6. What are some possible causes of these variances