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Need help with understanding the prcoess behind variance, I'm used to solving it in a different format, please help Compute the following variances: 1. material

Need help with understanding the prcoess behind variance, I'm used to solving it in a different format, please help

Compute the following variances:

1. material variance (price and quantity) I got 5,720 U for material price variance, not sure if this is correct

2. labor variance (rate and efficiency)

3. variable overhead variance (spending and efficiency)

West and Jones Granite Corp uses a standard cost system for its single product. The following data are available:

ACTUAL for the current year:

Purchase of raw materials (5,200 sq ft at $11.80) ..............$61,360

Raw materials used 4,800 sq ft

Direct Labor costs (22,000 at $13.80) ....................$303,600

Actual variable overhead cost .................$64,250

Units produced........................ 9,820 units

Standards per unit of product:

Raw materials 1.0 sq ft at $10.70/sq ft

Direct labor 2.4 hours at $13.50/hr

Variable overhead $2.75 per direct labor hour

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