The following data were drawn from the records of Gibson Corporation.

Planned volume for year (static budget)		4,400	units
Standard direct materials cost per unit		2.20	pounds	@	$	1.90	per pound
Standard direct labor cost per unit		2.40	hours	@	$	3.40	per hour
Total expected fixed overhead costs	$	21,560
Actual volume for the year (flexible budget)		4,600	units
Actual direct materials cost per unit		1.60	pounds	@	$	2.40	per pound
Actual direct labor cost per unit		2.50	hours	@	$	3.10	per hour
Total actual fixed overhead costs	$	17,560

Required

Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity.

Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U).

Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours.

Materials Variance Information Table
Standard price		per pound
Actual price		per pound
Standard quantity for flexible budget		pounds
Actual quantity used		pounds

Material price variance
Material usage variance

Labor Variance Information Table
Standard price		per hour
Actual price		per hour
Standard hours for flexible budget
Actual hours used