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Seacoast Company provided the following information about its standard costing system for 2013: Standard Data Materials 10lbs. @ $4 per lbs. Labor 3hs. @ $21

Seacoast Company provided the following information about its standard costing system for 2013:

Standard Data

Materials 10lbs. @ $4 per lbs.

Labor 3hs. @ $21 per hr.

Budgeted production 3,500

Actual Data

Produced 4,000 units

Materials purchased 50,000 lbs. for $215,000

Materials used 41,000 lbs.

Labor worked 11,000 hrs. costing $220,000

Calculate the labor price variance and the labor quantity variance.

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