Question 10 (10 marks)

The following data is for the first week of operations in March 2021:

Materials:
Actual Purchased	= 1,500 screws @ $3.80 per screw
Actual usage	= 1,350 screws
Standard usage	= 1,020 screws @ $4.00 per screws
Actual Purchased	wood = 20,000 lbs @ $25.00 per
Actual usage	wood = 19,000 lbs
Standard usage	wood = 17,500 lbs
Direct Labor:
Actual hours	= 310 hours @ $12.10 per hour
Standard hours	= 340 hours @ $12.00 per hour

Required: Compare the variance whether favorable or unfavorable.

(A) Calculate the Material Purchase, Price Variance and Quantity Variances.

(B) Calculate the Labor Price and Efficiency Variances.