During June HASF company material purchases amounted to 5,000 pounds at a price of 7 per pound. Actual costs incurred in the production of 5,000 units were as follows,

Total direct labor cost 50,000 @10 per hour

Cost of Material used 35,000

The standards for one units of company product are as follows.

Direct labor

1.5 hour required for one unit

Rate 12per hour

direct material

2 pounds of Material required for one unit

price 10 per pound

Compute the following

1-

Material variance

Material quantity variance

Material price variance

Labor variance

Labor rate variance

Labor hour variance

2-Summarize the variance that you computed in 1 above by showing the net overall favorable or unfavorable variance for the month. What impact did this figure have on the company income statement