E F G H Problem 4: DM and DL variances Quick Fix Company manufactures Custom shelves in a small manufacturing facility. The shelves are made from wood. Quick Fix has 50 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Standard wage per hour $18.40 Standard labor time per unit 45 minutes Standard number of yards of wood per unit 2.4 yards Standard price per yard of wood $8.50 Actual price per yard of wood $9.25 Actual yards of wood used during the week 6,702 yards Number of units produced during the week 3,000 units Actual wage per hour $19.00 Actual hours for the week (50 employees * 36 hours) 1800 hours Required: A. Determine the followings: (Round answers to two decimal places.) i) Direct materials standard cost per unit: SP X SQ per unit ii) Direct labor standard cost per unit: SR x SH per unit iii) Total standard cost per unit: B. Determine the followings Material Variances Direct Materials Price Variance (AP-SP) X AQ for Actual production Direct Materials Quantity Variance - (AQ-SQ) for Actual production x SP Total Direct Materials Cost Variance $794 Unfavorable DMPV + DMQV C. Determine the followings Labor Variances Direct Labor Rate Variance: (AR-SR) X AH for Actual Production Direct Labor Time Variance: - (AH-SH) for Actual Production x SR Total Direct Labor Cost Variance: DLRV + DLTV