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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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