Data Section

Materials price variance input

Actual cost of material per pound (ounce, etc.) $15.90

Standard cost of mat. per pound (ounce, etc.) $16.00

Materials quantity variance input

Actual quantity of materials used $39,500

Standard quantity of mat. used for actual output $38,000

Labor rate variance input

Actual cost of labor per hour $8.05

Standard cost of labor per hour $8.00

Labor efficiency variance input

Actual quantity of hours incurred $44,000

Standard quantity of hours for actual output $45,600

Answer Section:

Material price variance =

Material quantity variance =

Total materials variance =

Labor rate variance =

Labor efficiency variance =

Total labor variance =

Total materials and labor variances =