QS 8-8 (Algo) Direct materials price and quantity variances LO P3 Actual units produced A company reports the following for one of its products Direct materials standard (4 pounds e 53 per pound) 5 12 per unit Actual direct materials used (AQ) 330,900 pounds 64,000 units Actual cost of direct materials used $924,000 AQ - Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct matenals price and quantity vartances and identify each as favorable or unfavorable Actual Cost AQ 330,000 $ 924000 AP $ 2.80 Standard Cost SO SP 266,000 AIRS 3.00 $768,000 0 $ 0 Favorable 0 QS 8-11 (Algo) Direct labor rate and efficiency variances LO P3 A company reports the following information for its direct labor Actual hours of direct labor used Actual rate of direct labor per hour Standard rate of direct labor per hour Standard hours of direct labor for units produced 55,00 515 5 14 56,800 AH Actual Hours SH - Standard Hours AR Actual Rate SR Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable Actual Cost Standard Cost nces 3 ol 5 0