1. You have extracted the following standards for one of your companys products:

Direct materials: 0.3 metres @ $15 = $4.50

Direct labour: 0.5 hour @ $20 = $10

The following actual results were recorded for the period:

Direct materials: 3500 metres purchased and used; total cost $53,900

Direct labour: 5000 hours; total labour cost $105,000

Production = 12,000 units

Compute the materials price and usage variances, and the labour rate and

efficiency variances, for your company. (8 marks)