Suzanne Saienni Company. Standards for direct materials Material and Labor Variances TARA The following information relates to and direct labor are below: Per Finished Unit Direct Materials Direct Labor The number of finished units budgeted for the period was 1.200: 1000 units were actually produced. Actual Results were Direct Materials: Direct Labor: 12 lbs. @.50 2 hrs. $3.00 11,000 lbs. used 2,200 hrs. $7,700 During the month, purchases amounted to 14,400 pounds at a total cost of $8,640. Required: 1. Prepare all material and labor variances. Indicate favorable or unfavorable 2. record the variances and related data in journal form, Material Variances Labor Variances MPV-CAP-SP) ARGUS unv-CAN-SP.SP (8.640 14,000 1.LordiVA.cct14Chapter7and Notes.doc