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Demo Problem 3 Material and labor variances with entries Sabrosa Company produces a popular the company adopted the follow produces a popular frozen yogurt, which is sold in quarts. Recently, "Pany adopted the following standards for one quart of the frozen dessert: Direct materials 35 oz @ $.008/oz $0.28 Direct labor 1 hr @ $8.60/hr $0.86 During the first week of operation, the company first week of operation, the company experienced the following actual results: a. Produced: 5,000 quarts b. Materials purchased: 185,000 ounces at $.0085/oz c. There was no beginning or ending inventory of raw materials. d. Direct labor: 490 hours $8.60/hr OH is driven by DL hours. The firm actually spent $11500 on Fixed OH during the period. They budgeted for 550 DL hours at a rate of $20/DLH. Required: 1. Compute the materials and labor price and efficiency variances