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Direct Materials and Direct Labor Variances At the beginning of June, Cornerstone Printing Company budgeted 23,000 books to be printed in June at standard direct

Direct Materials and Direct Labor Variances

At the beginning of June, Cornerstone Printing Company budgeted 23,000 books to be printed in June at standard direct materials and direct labor costs as follows:

Direct materials

$64,400

Direct labor

10,350

Total

$74,750

The standard materials price is $0.70 per pound. The standard direct labor rate is $9.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows:

Actual direct materials

$61,700

Actual direct labor

9,900

Total

$71,600

There were no direct materials price or direct labor rate variances for June. In addition, assume no changes in the direct materials inventory balances in June. Cornerstone Printing Company actually produced 21,400 units during June.

Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal places, if required. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Direct materials quantity variance

Direct labor time variance

I have looked at the other similar equations, but they did not lead me to the correct answer for this question. Thank you for your help!

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