Please provide answers with calculations and explanations.

Q6

A standard budget shows that to produce 5,000 units, 15,000 labor hours are expected at an expected rate of $10/hr. Over the period, 8,000 units were produced and $192,000 of labor costs were incurred. 16,000 labor hours were used.

What was the labor efficiency variance (LEV) for the period?

If favorable, answer as positive; if unfavorable, answer as negative.

Q7

A standard budget shows a typical unit should require eight pounds of material at a standard cost of $4/pound.

During the year, the company produced 50,000 units.

Total material costs for the year were $1,500,000. Average cost per pound was $3.00.

What is the material price variance (MPV) for the period?

If favorable, answer as positive; if unfavorable, answer as negative.

Q8

A standard budget shows a typical unit should require eight pounds of material at a standard cost of $4/pound.

During the year, the company produced 50,000 units.

Total material costs for the year were $1,500,000. Average cost per pound was $3.00.

What is the materials quantity variance (MQV) for the period?

If favorable, answer as positive; if unfavorable, answer as negative.

Q9

Investment Burton's Snowcones had the following results for the year:

Total sales $500,000

Operating income $2,000

Beginning assets invested $6,000

Ending assets invested $10,000

Desired ROI 8%

Compute Burton's actual return on investment (ROI) for the year.

Enter as a whole number, ex: 14

Q10

Investment Burton's Snowcones had the following results for the year:

Total sales $500,000

Operating income $2,000

Beginning assets invested$6,000

Ending assets invested $10,000

Desired ROI 8%

Compute Burton's residual income (RI).