MPV is Material Price Variance, MUV is Material Usage Variance, LRV is Labor Rate Variance, and LEV is Labor Efficiency Variance

Exercise 1) Deporte Company produces single-colored t-shirts. Material for the shirts are dyed in large vats. After dying the materials for a given color, the vats must be cleaned and prepared for the next batch of materials to be colored. The following standards for changeover for a given batch have been established: During the year, 50,000 pounds of material were purchased and used for the changeover activity. There were 30,300 batches produced, with the following actual prime costs: Required: Compute MPV, MUV, LRV, and LEV