QS 21-8 Materials variances LO P3 Tercer reports the following for one of its products. Direct materials standard (3 lbs. & $3 per lb.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used $ 9 per finished unit 250,000 lbs. 60,000 units $687,500 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price and quantity variances and classify each as favorable, unfavorable or no variance. Actual Cost Standard Cost 0 $ 0 $ 0 $ 0 0 QS 21-9 Materials cost variances LO P3 For the current period, Kayenta Company's manufacturing operations yield a $3,500 unfavorable direct materials price variance. The actual price per pound of material is $84; the standard price is $83.50 per pound. How many pounds of material were used in the current period? Actual pounds used pounds QS 21-11 Direct labor variances LO P3 The following information describes a company's direct labor usage in a recent period. Actual direct labor hours used (AH) Actual direct labor rate per hour (AR) Standard direct labor rate per hour (SR) Standard direct labor hours for units produced (SH) 62,000 $ 16 $ 14 63,000 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Compute the direct labor rate and efficiency variances for the period and classify each as favorable, unfavorable or no variance. Actual Cost Standard Cost $ 0 $ 0 $ 0 0