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Exercise 24-07 (Video) Pharoah Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials

Exercise 24-07 (Video)

Pharoah Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.

Direct materials (6 pounds at $1.60 per pound) $9.60
Direct labor (6 hours at $10.00 per hour) $60.00

During the month of April, the company manufactures 310 units and incurs the following actual costs.

Direct materials purchased and used (2,400 pounds) $4,080
Direct labor (1,880 hours) $18,612

Compute the total, price, and quantity variances for materials and labor.

Total materials variance $

Neither favorable nor unfavorableUnfavorableFavorable

Materials price variance $

Neither favorable nor unfavorableFavorableUnfavorable

Materials quantity variance $

UnfavorableNeither favorable nor unfavorableFavorable

Total labor variance $

Neither favorable nor unfavorableUnfavorableFavorable

Labor price variance $

Neither favorable nor unfavorableFavorableUnfavorable

Labor quantity variance $

FavorableNeither favorable nor unfavorableUnfavorable

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