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Standard Quantity Standard Price Standard Rate Direct Materials 3 feet $5 per foot $15 During March, the company purchased direct materials at a cost of

Standard Quantity Standard Price Standard Rate

Direct Materials 3 feet $5 per foot $15

During March, the company purchased direct materials at a cost of $55,650, all of which were used in the production of 3,200 units of product. In addition, 4,900 hours of direct labor time were worked on the product during the month. The cost of this labor time was $36,750. The following variances have been computed for the month:

Materials quantity variance: $4500 U

Labor spending variance$1,650F

Labor efficiency variance$800U

How do I find the price variance and spending variance?

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