What is the materials price variance?

What is the materials quantity variance?

What is the labour price variance?

What is the labour quantity variance?

Question 25 Jay Levitt Company budgeted the following cost standards for the current year: Direct materials (2 kg of plastic at $5 per kilogram) Direct labour (2 hours at $12 per hour) Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit $10.00 24.00 10.00 7.70 $51.70 Actual costs for producing 2,700 units were as follows: Direct materials used Direct materials purchased (6,410 kg) Direct labour (6,920 hours) Variable manufacturing costs Fixed manufacturing costs 5,670 kg $31,409 $67,124 $33,000 $17,300