Tara$$s Treasures makes Jewelry for sale to her customers. Tara has estimated the following STANDARD COSTS:

Direct Materials:

Standard Cost $=$ $$10$ per Ounce x $25$ ounces of GOLD $=$

Actual Cost: $$12$ per Ounce x $28$ Ounces

Direct Labor:

Standard Cost: $$40$ per hour and expects the employee will need $4$ hours per item

Actual Cost: $$38$ per hour and actual hours was $5$ hours.

Required:

a$.$ Calculate the Variance Analysis for BOTH the Price Variance and the Efficiency Variance for the Direct Materials.

b$.$ Calculate the Variance Analysis for BOTH the Price Variance and Efficiency Variance for Direct Labor

Keira$$s Kites manufactures Kites and has estimated the following STANDARD COSTS:

Direct Materials:

Standard Cost: $10$ Ounces of Plastic x $$4$ per Ounce.

Actual Cost: $8$ Ounces of Plastic at $$4\mathrm{.}50$ per Ounce.

Direct Labor:

Standard Cost: $$20$ per hour x $12$ hours

Actual Cost: $$18$ per hour x $14$ hours.

Required:

a$.$ Calculate the Variance Analysis for BOTH the Price Variance and the Efficiency Variance for the Direct Materials.

b$.$ Calculate the Variance Analysis for BOTH the Price Variance and Efficiency Variance for Direct Labor