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Ravienda industries provide the following information about its standard costing system for 2014: standard data Material 10lbs @$4 per lbs labor 3hrs @$22 per hr
Ravienda industries provide the following information about its standard costing system for 2014:
standard data
Material 10lbs @$4 per lbs
labor 3hrs @$22 per hr
budgeted production 3500 units
Actual data
Produced 4000 units
materials 50000 lb
purchased $210000
material used 41000lbs
labor worked 11000hrs costing $220000
calculate 1) the labor price variance 2) the labor quantity variance 3)total labor variance 4) the material price variance 5)material quantity variance 6)total material variance
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