The following data was obtained for a company that makes statutes:
During the month of July,the company actually produced 1,000 statutes,which is 100 units less than expected.Direct material purchased and used amounted to 5,500 pounds at a cost of $12.50 per pound.Actual direct labor was 1,450 hours at an actual cost of $13.00 per hour.
Required:
A)Compute the price and quantity variances for direct materials.
B)Compute the price and quantity variances for direct labor.
Definitions:
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