Exercise $23-12($Static$)$ Direct materials and direct labor variances LO P$3$

Camila Company has set the following standard cost per unit for direct materlals and direct labor.

Direct materials $(10$ pounds $$3$ per pound$)$

oirect labor $(2$ hours @ $$12$ pen houn$)$

$30$

$24$

During June the company incurred the following actual costs to produce $9\mathrm{.}000$ units.

Direct materials $(92,00$ pounds @ $$2\mathrm{.}95$ per pound$)$

$271,400$

$226,540$

Direct labor $(18,800$ hours @ $$12,$ as per hour$)$

$AR=$ Actual Rate

$SR=$ Standard Rate

$AQ=$ Actual Quantity

$SQ=$ Standard Quantity

$AP=$Actual Price

$SP=$ Standard Price

$AQ=$ Actual Quantity

$SQ=$ Standard Quantity

AP $=$ Actual Price

$SP=$ Standard Price

$(1)$ Compute the direct materials price and quantity variances:

$(2)$ Compute the direct labor rate varlance and the direct labor efficiency varlance.

Complete this question by entering your answers in the tabs belowy

Required $1$

Required $2$

Compute the direct materials price and quantity variances.