Professor note: Everything is correct EXCEPT FOR:

Materials efficiency variance; and,

Static Total for materials.

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Peyton Approved Budget Variance Report For the Year Ended ... Actual Results Direct materials variances Cost/price variance Efficiency variance Total direct materials variance Direct labor variances Cost /price variance Efficiency variance Total direct labor variance 240,250 495,000 Static Budget Variance 281,480 (41,230) 41,230 480,000 33,000 (48,000) 15,000 Favorable/ Unfavorable F U F U F U Labor variance actual quantity 33,000 actual cost $ 15.00 495,000 standard cost $ 16.00 528,000 33,000 U (48,000) F actual quantity 31,000 standard cost $ 7.75 Materials variance actual cost $ 7.75 240,250 240,250 F (41,230) U standard quantity 30,000 480,000 standard quantity 36,320 281,480