Hello, please i need assistance with my assignment.

Materials

Item Per unitCost

Metal 1 lb.63 per lb.

Plastic 12 oz. $1.00 per lb.

Rubber4 oz. 88 per lb.

Direct Labor

ItemPer unit Cost

Labor 15 min. $8.00 per hr.

Predetermined overhead rate based on direct labor hours = $4.28

The January figures for purchasing, production, and labor are:

The company purchased 229,000 pounds of raw materials in January at a cost of 78 a pound.

Production used 229,000 pounds of raw materials to make 115,500 units in January.

Direct labor spent 18 minutes on each product at a cost of $7.80 per hour.

Overhead costs for January totaled $54,673 variable and $73,800 fixed.

Instructions

Part A - to calculate the following variances, and to indicate whether the variance calculated is favorable or unfavorable.

(a) materials price variance?

(b) materials quantity variance?

(c) total materials variance?

(d) labor price variance?

(e) labor quantity variance?

(f) total labor variance?

(g) total overhead variance?

Part B - to evaluate and comment on the materials price variance, materials quantity variance, labor quantity variances, labor price variance, labor quantity variance, total labor variance, and total overhead variance for this company for January. The discussion needs to include what the variances suggest to management.