The Roberts Corporation manufactures ceramic Christmas ornaments. A standard cost system is used to account for production.

The standard cost sheet for one ornament is as follows:

Raw materials:

Clay (3 kg @ $3.00 per kg)........................................... $ 9.00

Pigment (15 grams @ $1.20 per gram) ..................... 18.00

Labour:

Direct labour (.25 hour @ $18.40 per hour) 4.60

Manufacturing Overhead:

Variable ............................................................................. 3.00

Fixed ................................................................................. 4.50

$39.10

Actual production totalled 20,000 ornaments.

Actual Materials Purchased:

65,000 kg of clay @ $2.90/kg

295,000 grams of pigment @ $1.22/gram

Actual Materials Usage:

64,000 kg of clay

293,000 grams of pigment

Actual Direct Labour:

4,800 hours @ $19.00 per hour

MPV = (SP - AP) x AQ (purch or used)

MEV = (SQ AQ used) x SP

LRV = (SR - AR) x AQ used

LEV = (SQ AQ used) x SR

Everything explain