*last column options N/A, Unfavorable, Favorable

Riggins, Inc. manufactures one product called tybos. The company uses a standard cost system and sells each tybo for $8. At the start of monthly production, Riggins estimated 9.500 tybos would be produced in March. Riggins has established the following material and labor standards to produce one tybo: Direct materials Direct labor Standard Quantity Standard Price 2.5 pounds $3 per pound 0.6 hours $10 per hour During March 2019, the following activity was recorded by the company relating to the production of tybos: 1 The company produced 9.000 units during the month. 2. A total of 24,000 pounds of materials were purchased at a cost of $66,000. 3. A total of 24,000 pounds of materials were used in production 4. 5.000 hours of labor were incurred during the month at a total wage cost of $55.000. Calculate the following variances for March for Riggins, Inc. Identify whether the variance is favorable or unfavorable? (a) Materials Price Variance $ (b) Materials Quantity Variance $ (c) Labor Price Variance $ (d) Labor Quantity Variance $ >