Wymont Company produces a single product that requires a large amount of labor time. Overhead cost is applied on the basis of standard direct labor hours. Variable manufacturing overhead should be $2.00 per standard direct labor hour and fixed manufacturing overhead should be $180,000 per year.

The company's product requires 4 feet of direct material that has a standard cost of $3.00 per foot. The product requires 1.5 hours of labor time. The standard labor rate is $12.00 per hour.

During the year, the company had planed to operate at a denominator activity level of 30,000 direct labor hours and to produce 20,000 units of product. Actual activity and costs for the year were as follows:

Number of units produced...22,000

Actual direct labor hours worked...35,000

Actual variable manufacturing overhead cost incurred...$63,000

Actual fixed manufacturing overhead cost incurred...$181,000

1. Find the Material and Labor variances.

WYMONT COMPANY
Variance Analysis
Material Variances:
Actual Quantity Purchased x Actual Price	$ xxxx *
Actual Quantity Purchased x Standard Price	xxxx
Material Price Variance	$ xx	Favorable**
Actual Quantity Used x Standard Price	$ xxxx
Standard Quantity x Standard Price	xxxx
Material Quantity Variance	$ xx	Unfavorable**
Labor Variances:
Actual Hours x Actual Rate	$ xxxx
Actual Hours x Standard Rate	xxxx
Labor Rate Variance	$ xx	Unfavorable**
Actual Hours x Standard Rate	$ xxxx
Standard Hours x Standard Rate	xxxx
Labor Efficiency Variance	$ xx	Favorable**