Seacoast Company provided the following information about its standard costing system for 2019 Actual Data Materials Produced Standard. Data 10 lbs @ $4 per lbs. 3 hrs. @ $21 per hit 3.500 units 4,000 units 50.000 lbs. for $215.000 Labor Materials purchased 41.000 lbs Budgeted production Materials used Labor worded 11.000 hrs. costing $220.000 Calculate the price, quantity and total variances for labor and materials Format your answers using S. commas, and zero decimal places. Also indicate for each variance "F" for favorable or "U" for unfavorable. Materials Variances Materials Quantity Varlance Favorable/Unfavorable Materials Price Variance Favorable/Unfavorable Favorable/Unfavorable Total Materials

ESSAY. Write your answer in the space provided or on a separate sheet of paper. 1) Seacoast Company provided the following information about its standard costing system for 2019: Standard Data Actual Data Materials 10 lbs. @ $4 per lbs. Produced 4,000 units Labor 3 hrs. @ $21 per hr. Materials purchased 50,000 lbs. for $215,000 Budgeted production 3,500 units Materials used 41,000 lbs. Labor worked 11,000 hrs. costing $220,000 Instructions Calculate the labor price variance and the labor quantity variance. 1. Calculate the price and usage variance for materials 2 . Provide some practical reasons for a fav and unfav. Price and Quantity variances for both Material and Labour variances