Quinton Company has set the following standards for one unit of product: Direct materialQuantity: 6.2 pounds per unitPrice per pound: $11 per poundDirect laborQuantity: 6 hours per unitRate per hour: $23 per hourActual costs incurred in the production of 2,800 units were as follows: Direct material: $194,350 ($11.50 per pound) Direct labor: $393,750 ($22.50 per hour) All materials purchased were consumed during the period.Required: Calculate the direct-material price and quantity variances, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.
What will be an ideal response?
Business
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