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

950 yards of material were actually purchased costing $1,520 during the period. All of the material purchased was used in production during the period. There was 500 units produced. From this information, compute the following variances. Indicate whether the variance is favorable (F) or unfavorable (U).

a. Material price variance. $__________ Fav / Unf

b. Material quantity variance. $__________ Fav / Unf

c. Direct labor rate variance. $__________ Fav / Unf

d. Direct labor efficiency variance. $__________ Fav / Unf

e. Indicate WHO would be held accountable for EACH Variance

Standard Actual $300 $304 900 Materials: Standard: 2 fcct at $150 per foot Actual 19 feet at $1.60 per foot Direct labor Standard: 15 hours at $600 per hour Actual: 1 7 hours at $6 30 per hour Vaiable manufacturing overhead: Standard: 15 hours at 83.40 pcr hour Actual 17 hours al $3.00 per hour Total unit cost......... 10 71 5.10 5.10 117.10 518.85