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where to begin and how to go about figuring this out? Jay Levitt Company budgeted the following cost standards for the current year: Direct materials

where to begin and how to go about figuring this out?

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Jay Levitt Company budgeted the following cost standards for the current year: Direct materials (2 kg of plastic at $5 per kilogram) $10.00 Direct labour (2 hours at $11 per hour) 22.00 Variable manufacturing overhead 10.00 Fixed manufacturing overhead 6.00 Total standard cost per unit $48-00 Actual costs for producing 2,650 units were as follows: Direct materials used 5,500 kg Direct materials purchased (6,400 kg) $31,360 Direct labour (6,800 hours) $61,200 Variable manufacturing costs $32,000 Fixed manufacturing costs $17,000 Calculate the materials price variance for materials purchased. Materials price variance $ V Calculate the materials quantity variance. Materials quantity variance $ V Calculate the labour price variance. (Round answer to the nearest whole dollar, e.g. 5,275.) Labour price variance $ V

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