LO10-1 Compute the direct materials price and quantity variances and explain their significance. (1) Standard Quantity or Hours 3.0 pounds 0.50 hours (2) Standard Price or Rate $4.00 per pound $22.00 per hour Standard Cost (1) (2) $12.00 11.00 Inputs Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit 0.50 hours $6.00 per hour 3.00 $26.00 Planned output in June Actual output in June Actual direct materials cost in June Actual direct labor cost in June Actual variable manufacturing overhead cost in June 2,100 statues 2,000 statues $24,700 $22,680 $7,140 There were no beginning or ending inventories of raw materials in June, all materials purchased were used