Materials and labor variances The following direct materials and direct labour data is available for Michael...

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Materials and labor variances The following direct materials and direct labour data is available for Michael Lid for the month of November Costs Quantities Actual labour rate $13 per hour Actual hours incurred and used 4,250 hours Actual materials price $128 per fonne Actual quantity of materials purchased and used 1,250 tonnes Standard labour rate $12 per hour standard hours for October production 4,300 hours Standard materials Standard quantity of materials price tonnes $130 per tonne October production 1,200 Requirements: (0) Calculate the total, poce, and quantity variances for labour (Marks 5) (b) Calculate the total, price, and quantity variances for matenals (Marks 5) EXAM PAPER MAC30) Managemeet Accenting 13 29221 Updated by Jane Ka May College 1 CRICOS Pronder Case 000990 (TEQSA PRV120011 nude of igher Education macleay college (c) Provide a possible explanation for each of the variances calculated. (Marks 5) Materials and labor variances The following direct materials and direct labour data is available for Michael Lid for the month of November Costs Quantities Actual labour rate $13 per hour Actual hours incurred and used 4,250 hours Actual materials price $128 per fonne Actual quantity of materials purchased and used 1,250 tonnes Standard labour rate $12 per hour standard hours for October production 4,300 hours Standard materials Standard quantity of materials price tonnes $130 per tonne October production 1,200 Requirements: (0) Calculate the total, poce, and quantity variances for labour (Marks 5) (b) Calculate the total, price, and quantity variances for matenals (Marks 5) EXAM PAPER MAC30) Managemeet Accenting 13 29221 Updated by Jane Ka May College 1 CRICOS Pronder Case 000990 (TEQSA PRV120011 nude of igher Education macleay college (c) Provide a possible explanation for each of the variances calculated. (Marks 5)