Strategic managerial accounting

Problem 2. Morro Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor is $225 per board. This includes 30 pounds of direct materials, at the budgeted price of $3 per pound and 9 hours of direct labor, at the budgeted rate of $15 per hour. Following are additional data for the month of July: Units completed 5,500 units Direct materials purchased 190,000 pounds Cost of material purchases $579,500 Actual direct labor hours 49,000 hours Actual direct labor costs $739,900 Direct materials efficiency variance $1,500 Favorable Compute: a. The direct labor price and efficiency variances and indicate if these variances are favorable or unfavorable. b. The direct material price variance and indicate is these variances are favorable or unfavorable. c. The actual quantity of direct materials used for the period