Power Up produces protein bars. For direct materials, the standard price is $3.50 per pound. A case of the protein bars requires 8 pounds of the direct material. During June, Power Up purchased 22,600 pounds of the direct materials for a cost of $83,620 and used 21,330 pounds of direct materials to produce 2,700 cases of the protein bar.

For direct labor, Power Up established a standard number of direct labor hours at 4 hours per case. The standard rate is $15 per hour. A total of 10,650 direct labor hours were worked during June at a cost of $161,880 to produce 2,700 cases of the protein bar.

Required: Calculate the following variances and label each variance as favorable or unfavorable. (12 points)

1. Materials price variance

2. Materials quantity variance

3. Labor rate variance

4. Labor efficiency variance

Extra Credit:

What is the total materials price variance?