Sparrow Corp. uses a standard costing system. The company makes a product that it sells to a larger company. In the latest order (900 units) the standards were 5 pounds of raw material at a price of $100 per pound and .5 hour of direct labor at $12 per hour. The actual raw material usage was 40,000 pounds that cost $97 per pound. The job required 5,000 direct labor hours at a cost of $60,000.

a) Was this job completed under or over the standard cost? How much over or under budget was it?

b) What is the material price variance for this job?

c) What is the material quantity or efficiency variance for this job?

d) What is the direct labor rate or price variance for this job?

e) What is the direct labor efficiency variance for this job?