managerial accounting

PROBLEM 6 Lenders, Inc. uses a standard costing system and has set the following standards for its main product: Direct Materials: 10 ounces @ $4.50 per ounce Direct Labor: 3 DLH @ 318,00 per hour During the most recent period, Landers purchased 40.000 ounces of direct material at a price of $4.55 per ounce. It used 39,950 ounces of material and produced 4,000 products. It took 11,900 Direct Labor Hours to produce the products. The average wage rate was 5 18.25 per hour. Calculate the two variances each for Direct Materials and Direct Labor