Last year, Joplin company budgeted for production and sale of 5040 majigs. Actual production and sales was 6300 majigs for $736 each. Each item was budgeted to use 4 direct labor hour(s) and 8 cubic inch(s) of material. Joplin expected to pay $3.00 per cubic inch and $17.00 per hour. Joplin does not keep any raw materials inventory. Actual production required the following: 40320 cubic inchs at $2.70 per cubic inch 20160 hours at $13.60 per hour

Compute and label each of the following variances. Just do the labels on paper.

Materials price variance =

Materials usage variance =

Labor rate variance =

Labor efficiency variance =