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Gibson Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product: Materials

Gibson Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product:

Materials quantity per unit 1 pound
Materials price $ 5.70 per pound
Labor quantity per unit 2 hours
Labor price $ 9.70 per hour

During the year, the company made 1,940 units of product. At the end of the year, the following variances had been calculated.

Materials usage variance $ 855 Favorable
Materials price variance $ 179 Unfavorable
Labor usage variance $ 2,619 Unfavorable
Labor price variance $ 2,905 Favorable

Required

  1. Determine the actual amount of materials used.

  2. Determine the actual price paid per pound for materials. (Round your answer to 2 decimal places.)

  3. Determine the actual labor hours used.

  4. Determine the actual labor price per hour. (Round your answer to 2 decimal places.)

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