Standard Costing and Variance Analysis Problem

LMP Company's standard and actual costs per unit for the most recent period, during which 500 units were actually produced, are given below:

950 yards of material were actually purchased costing $1,520 during the period. All of the material purchased was used in production during the period. There was 500 units produced. From this information, compute the following variances. Indicate whether the variance is favorable (F) or unfavorable (U). a. Material price variance. $__________ Fav / Unf

b. Material quantity variance. $__________ Fav / Unf

c. Direct labor rate variance. $__________ Fav / Unf

d. Direct labor efficiency variance. $__________ Fav / Unf

e. Indicate WHO would be held accountable for EACH Variance

Standard Actual $3.00 $3.04 9.00 Materials: Standard: 2 feet at $1.50 per foot... Actual: 1.9 feet at $1.60 per foot.. Direct labor Standard: 1.5 hours at $6.00 per hour Actual: 17 hours at $6.30 per hour .. Variable manufacturing overhead: Standard: 1.5 hours at $3.40 per hour.. Actual: 1.7 hours at $3.00 per hour Total unit cost...... 10.71 5.10 5.10 $17.10 $18.85