Levine Inc , which produces a single product, has prepared the following standard cost sheet for one unit of the product Direct materials (10 pounds at $3 40 per pound) $34 00 Direct labor (6 hours at $12 00 per hour) $72 00 During the month of April, the company manufactures 340 units and incurs the following actual costs Direct materials purchased and used (2,500 pounds) $8,750 Direct labor (2,080 hours) $24,544 Compute the total, price, and quantity variances for materials and labor Total materials variance $enter a dollar amount select an option UnfavorableNeither favorable nor unfavorableFavorable Materials price variance $enter a dollar amount select an option Neither favorable nor unfavorableFavorableUnfavorable Materials quantity variance $enter a dollar amount select an option Neither favorable nor unfavorableFavorableUnfavorable Total labor variance $enter a dollar amount select an option FavorableUnfavorableNeither favorable nor unfavorable Labor price variance $enter a dollar amount select an option Neither favorable nor unfavorableFavorableUnfavorable Labor quantity variance $enter a dollar amount select an option Neither favorable nor unfavorableFavorableUnfavorable

Question

Levine Inc , which produces a single product, has prepared the following standard cost sheet for one unit of the product  Direct materials (10 pounds at $3 40 per pound) $34 00 Direct labor (6 hours at $12 00 per hour) $72 00 During the month of April, the company manufactures 340 units and incurs the following actual costs  Direct materials purchased and used (2,500 pounds) $8,750 Direct labor (2,080 hours) $24,544 Compute the total, price, and quantity variances for materials and labor  Total materials variance $enter a dollar amount select an option UnfavorableNeither favorable nor unfavorableFavorable Materials price variance $enter a dollar amount select an option Neither favorable nor unfavorableFavorableUnfavorable Materials quantity variance $enter a dollar amount select an option Neither favorable nor unfavorableFavorableUnfavorable Total labor variance $enter a dollar amount select an option FavorableUnfavorableNeither favorable nor unfavorable Labor price variance $enter a dollar amount select an option Neither favorable nor unfavorableFavorableUnfavorable Labor quantity variance $enter a dollar amount select an option Neither favorable nor unfavorableFavorableUnfavorable

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Direct materials (10 pounds at $3.40 per pound)		$34.00
Direct labor (6 hours at $12.00 per hour)		$72.00

Question

Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (10 pounds at

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Direct materials purchased and used (2,500 pounds)		$8,750
Direct labor (2,080 hours)		$24,544

Total materials variance	$enter a dollar amount	select an option UnfavorableNeither favorable nor unfavorableFavorable
Materials price variance	$enter a dollar amount	select an option Neither favorable nor unfavorableFavorableUnfavorable
Materials quantity variance	$enter a dollar amount	select an option Neither favorable nor unfavorableFavorableUnfavorable
Total labor variance	$enter a dollar amount	select an option FavorableUnfavorableNeither favorable nor unfavorable
Labor price variance	$enter a dollar amount	select an option Neither favorable nor unfavorableFavorableUnfavorable
Labor quantity variance	$enter a dollar amount	select an option Neither favorable nor unfavorableFavorableUnfavorable