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The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actual labor rate $14
The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August.
| Costs | |||
| Actual labor rate | $14 | per hour | |
| Actual materials price | $270 | per ton | |
| Standard labor rate | $13.50 | per hour | |
| Standard materials price | $274 | per ton | |
| Quantities | ||
| Actual hours incurred and used | 4,900 hours | |
| Actual quantity of materials purchased and used | 1,200 tons | |
| Standard hours used | 4,980 hours | |
| Standard quantity of materials used | 1,180 tons | |
(a) Compute the total, price, and quantity variances for materials and labor.
| Total materials variance | $ | Favorable, Unfavorable, or neither favorable or unfavorable | ||
| Materials price variance | $ | Favorable, Unfavorable, or neither favorable or unfavorable | ||
| Materials quantity variance | $ | Favorable, Unfavorable, or neither favorable or unfavorable | ||
| Total labor variance | $ | Favorable, Unfavorable, or neither favorable or unfavorable | ||
| Labor price variance | $ | Favorable, Unfavorable, or neither favorable or unfavorable | ||
| Labor quantity variance | $ | Favorable, Unfavorable, or neither favorable or unfavorable |
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