Direct Materials and Direct Labor Variance Analysis

Faucet Industries Inc. manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Faucet Industries has 70 employees. Each employee presently provides 35 hours of labor per week. Information about a production week is as follows:

Standard wage per hour	$15.60
Standard labor time per faucet	10 min.
Standard number of lbs. of zinc	1.7 lbs.
Standard price per lb. of zinc	$12.25
Actual price per lb. of zinc	$12.50
Actual lbs. of zinc used during the week	12,600 lbs.
Number of faucets produced during the week	7,200
Actual wage per hour	$16.10
Actual hours per week	2,450 hrs.

Required:

a. Determine the standard cost per faucet for direct materials and direct labor. Do not round intermediate calculations and round your answers to the nearest cent.

Direct materials standard cost per faucet		$
Direct labor standard cost per faucet
Total cost per faucet		$

b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative amount, and an unfavorable variance as a positive amount

Price variance		$
Quantity variance
Total direct materials cost variance		$

c. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative amount, and an unfavorable variance as a positive amount.

Rate variance		$
Time variance
Total direct labor cost variance		$