Direct Materials and Direct Labor Variances At the beginning of June, Kimber Toy Company budgeted 24,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials $25,200 Direct labor 25,200 Total $50,400 The standard materials price is $0.70 per pound. The standard direct labor rate is $15.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials $22,800 Actual direct labor 22,800 Total $45,600 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. Kimber To Company actually produced 21,100 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 a negative number using a minus sign and an unfavorable variance as a positive number. Direct materials quantity variance Direct labor time variance Standard Product Cost Sana Rosa Furniture Company manufactures designer home furniture. Sana Rosa uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Direct labor: standard rate $16.00 per hr. standard time per unit 2.00 hrs. Direct materials (oak): standard price $9.50 per bd. ft. standard quantity 16 bd. ft. standard rate $3.20 per direct labor hr. Variable factory overhead: Fixed factory overhead: standard rate $0.80 per direct labor hr. a. Determine the standard cost per dining room table. If required, round your answer to two decimal places. per dining room table $ . Using this principle, b. A standard cost system provides Rosa Furniture management a cost control tool using the principle of cost deviations from standards can be investigated and corrected