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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 (6 pounds at
Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (6 pounds at $3.20 per pound) $19.0 Direct labor (1 hours at $12.00 per hour) $12.00 During the month of April, the company manufactures 340 units and incurs the following actual costs. Direct materials purchased and used (2,500 pounds) $8,250 Direct labor (360 hours) $4,428 Compute the total, price, and quantity variances for materials and labor.
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