Variance Computations and Explanations

Tarptent manufactures camping tents from a lightweight synthetic fabric. Assume the company's two$-$person tent has a standard materials cost of $$60,$ consisting of $4$ yards of fabric at $$15$ per yard. The standards call for $1\mathrm{.}5$ hours of assembly at $$20$ per hour. The following data were recorded for October, the first month of operations to produce $1,200$ tents.

$\backslash$table$[[$Fabric purchased and used in production,$4,850\mathrm{.}00$ yards $$$$14\mathrm{.}50$ per yard$],[$Direct labor used,$1,850\mathrm{.}00$ hours $$$$19\mathrm{.}50$ per hour$]]$

REQUIRED

a$.$ Compute all standard cost variances for materials and labor.

Note: Do not use negative signs with your answers.

$\backslash$table$[[$Materials price variance,$$,0,1$