Faucet Industries Inc. manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Manufacturing has 60 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows:

Standard wage per hr. $18.00

Standard labor time per faucet 12 min.

Standard number of lbs. of zinc 0.80 lb.

Standard price per lb. of zinc $1.25

Actual price per lb. of zinc $1.40

Actual lbs. of zinc used during the week 10,200

Number of faucets produced during the week 12,000

Actual wage per hr. $18.75

Actual hrs. per week 2,160 hrs.

Instructions:

Determine (a) the standard cost per unit for direct materials and direct labor;

(b) the price variance, quantity variance, and total direct materials cost variance; and

(c) the rate variance, time variance, and total direct labor cost variance.

So I found this answer on Chegg, and changed a term or two in it to match my questions. If one of you would write out what the abbreviations stand for (AQ; AP = actual price, I assume; SP = standard price, I assume; U; etc.), correct any mistakes, and show how to do the parts that I have doubts about (????), I would appreciate it. My school has no tutors for this, and I dont know what Im doing. Thank you for your time.

a. Standard direct material cost per faucet = .80 * 1.25 = $1

Standard direct labor cost per faucet = 12 min *18 per hour /60 min = $ 3.60

b. Material price variance = AQ (AP -SP)

= 10200 (1.40 - 1.25)

= 10200 *.15

= 1530 (U)

Quantity variance = SR (AQ -SQ)

= 1.25 [10200 - ( 12000* .80) ]

= 1.25[10200 - 9600]

= 750 U

Total direct materials cost variance = ????

c. Rate variance???? = AH (AR-SR)

= 2160 (18.75 - 18)

= 2160 *.75

= 1620 (U)

Time variance = SR (AH-SH)

= 18 [2160 - (12000 * 12/60) ]

= 18[2160 - 2400]

= 18 * -240

= - 4320 F

Total direct labor cost variance = ????