The following data pertain to June operations for the Harley Company: 
Actual output was 750 units. The Company's per unit standards call for 9 yards of direct material at $9.00 per yard and 3 hours of direct labour at $10.50 per hour.
Required: Compute the price and usage variances for direct material and direct labour.
Definitions:
International Trade
International trade involves the exchange of goods and services between countries, driven by comparative advantages that allow countries to produce goods more efficiently.
Autarky Price
The price of a good in a closed economy that does not engage in international trade, determined solely by domestic supply and demand.
World Price
The price at which a good can be bought or sold abroad.
Producer Surplus
A term often used to refer both to individual producer surplus and to total producer surplus.
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