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Im Stuck with these, please help. Acme Inc. has the following information available Actual price Paid for material $ 1.00 Standard price for material $1.20

Im Stuck with these, please help.

Acme Inc. has the following information available

Actual price Paid for material $ 1.00

Standard price for material $1.20

Actual quantity purchased and used in production 100

Standard quantity purchased for units produced 110

Actual labor rate per hour $15

Standard labor rate per hour $16

Actual hours 200

Standard hours for units produced 220

  1. Calculate the material quantity variance and indicate if the variance is favorable or unfavorable
  2. Calculate the labor rate variance and indicate if the variance is favorable or unfavorable
  3. calculate the labor efficiency (time) variance and indicate if the variance is favorable or unfavorable

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