Ex 23-12 Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures.
					Element	Qty per	Qty Measure	Cost per Qty	Total Cost
Direct Materials	10	Pounds	$3.00	$30
Direct Labor	2	Hours	$12.00	$24
During June the company incurred the following actual costs to produce 9,000 units.
Element	Qty per	Qty Measure	Cost per Qty	Total Cost
Direct Materials	92,000	Pounds	$2.95	$271,400
Direct Labor	18,800	Hours	$12.05	$226,540
Compute the (1) direct materials price and quantity variances and (2) direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.
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(1) direct materials price and quantity variances
Direct materials price variance
	Usage	Unit Cost	Total Cost
Direct materials price variance (fav)
Direct materials quanity variance
Direct materials quanity variance (fav)
Direct labor price variance
	Usage	Unit Cost	Total Cost
Direct labor price variance (fav)
Direct labor quanity variance
Direct labor quanity variance (fav)