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Metlock Company budgeted the following cost standards for the current year: $10.00 Direct materials (2 kg of plastic at $5.00 per kilogram) Direct labour (2
Metlock Company budgeted the following cost standards for the current year: $10.00 Direct materials (2 kg of plastic at $5.00 per kilogram) Direct labour (2 hours at $12 per hour) 24.00 Variable manufacturing overhead 11.45 Fixed manufacturing overhead 7.05 Total standard cost per unit $52.50 Actual costs for producing 2,710 units were as follows: 5,990 kg Direct materials used Direct materials purchased (6,440 kg) $30,912 $68,882 Direct labour (6,820 hours) Variable manufacturing costs $32,300 Fixed manufacturing costs $17,600 Calculate the materials price variance for materials purchased. Materials price variance $ Calculate the materials quantity variance. Materials quantity variance $ Calculate the labour price variance. (Round answer to the nearest whole dollar, e.g. 5,275.) Labour price variance $ Calculate the labour quantity variance. Labour quantity variance $
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