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Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (7 pounds at

Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.

Direct materials (7 pounds at $1.60 per pound) $11.20
Direct labor (1 hours at $10.00 per hour) $10.00

During the month of April, the company manufactures 350 units and incurs the following actual costs.

Direct materials purchased and used (2,000 pounds) $3,600
Direct labor (370 hours) $3,663

Compute the total, price, and quantity variances for materials and labor.

Total materials variance $enter a dollar amount select a type of the variance FavorableUnfavorableNeither favorable nor unfavorable
Materials price variance $enter a dollar amount select a type of the variance FavorableNeither favorable nor unfavorableUnfavorable
Materials quantity variance $enter a dollar amount select a type of the variance UnfavorableNeither favorable nor unfavorableFavorable
Total labor variance $enter a dollar amount select a type of the variance FavorableNeither favorable nor unfavorableUnfavorable
Labor price variance $enter a dollar amount select a type of the variance FavorableUnfavorableNeither favorable nor unfavorable
Labor quantity variance $enter a dollar amount select a type of the variance FavorableNeither favorable nor unfavorableUnfavorable

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