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Lido Company's standard and actual costs per unit for the most recent period, during which 500 units were actually produced, are given below: Standard Actual

Lido Company's standard and actual costs per unit for the most recent period, during which 500 units were actually produced, are given below:

Standard Actual
Materials:
Standard: 2 feet $1.50 per foot $ 3.00
Actual: 1.9 feet $1.60 per foot $ 3.04
Direct labor:
Standard: 1.5 hours $6.00 per hour 9.00
Actual: 1.7 hours $6.30 per hour 10.71
Variable manufacturing overhead:
Standard: 1.5 hours $3.40 per hour 5.10
Actual: 1.7 hours $3.00 per hour 5.10
Total unit cost $ 17.10 $ 18.85

All of the materials purchased during the period were used in production during the period.

Required:

From the foregoing information, compute the following variances. Indicate whether the variance is favorable (F) or unfavorable (U):

a. Material price variance.

b. Material quantity variance.

c. Labor rate variance.

d. Labor efficiency variance.

e. Variable overhead rate variance.

f. Variable overhead efficiency variance.

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