Riggins, Inc. manufactures one product called tybos. The company uses a standard cost system and sells each tybo for $8. At the start of monthly production, Riggins estimated 9,500 tybos would be produced in March. Riggins has established the following material and labor standards to produce one tybo:

                                                   Standard Quantity                Standard Price

Direct materials                     2.5 pounds                          $3 per pound

Direct labor                                 0.6 hours                            $10 per hour

During March 2016, the following activity was recorded by the company relating to the production of tybos:

1.     The company produced 9,000 units during the month.

2.     A total of 24,000 pounds of materials were purchased at a cost of $66,000.

3.     A total of 24,000 pounds of materials were used in production.

4.     5,000 hours of labor were incurred during the month at a total wage cost of $55,000.

Instructions

Calculate the following variances for March for Riggins, Inc.

Materials price variance

Materials quantity variance

Labor price variance

Labor quantity variance