Hofburg's standard quantities for 1 unit of product include 2 pounds of materials and 1.5 labor hours. The standard rates are $2 per pound and $7 per hour. The standard overhead rate is $8 per direct labor hour. The total standard cost of Hofburg's product is a. $14.50. b. $17.00. c. $22.50. d. $26.50. Which one of the following statements is true? a. If the materials price variance is unfavorable, then the materials quantity variance must also be unfavorable. b. If the materials price variance is unfavorable, then the materials quantity variance must be favorable. c. Price and quantity variances move in the same direction. If one is favorable, the others will be as well. d. There is no correlation of favorable or unfavorable for price and quantity variances. Information on Jayhawk's direct labor costs for the month of August is as follows: What was the standard rate for August? a. $9.96 b. $9.60 c. $10.40 d. $10.04 A company uses 8400 pounds of materials and exceeds the standard by 300 pounds. The quantity variance is $1, 800 unfavorable. What is the standard price? a. $2 b. $4 c. $6 d. Cannot be determined from the data provided. The standard number of hours that should have been worked for the output attained is 10,000 direct labor hours and the actual number of direct labor hours worked was 10, 500. If the direct labor price variance was $10, 500 unfavorable, and the standard rate of pay was $12 per direct labor hour, what was the actual rate of pay for direct labor? a. $11 per direct labor hour b. $9 per direct labor hour c. $13 per direct labor hour d. $12 per direct labor hour