Sperialty furniture makes custom chairs usine a standard costing system. The company expects that a typical chair should require $6$ hours of tabor wit!

a standard wage rate of $$20$ per hour. Additionally, the typical chair uses $32$ square fcet of wood with a stondard price of $$13$ per square foot.

The company does not store inventory, and buys wood for production as orders are received.

In the current period, Specialty Furniture produced $105$ chairs using $650$ labor hours and $$,000$ square feet of wood. The company bought wood for $$12$

per square foot $($and used the entire quantity$)$ and incurred labor costs of $$21$ pen hour.

riEquired:

Calculate the price and efficiency variances for: a$)$ labor and b$)$ materials. Clearly mark each variance as favorable $($F$)$ or untavorable $($U$).$

Provide a plausible explanation for the combination of variances that Specialty furniture experienced. Detail chart