Standard cost system-materials and labor variances
Job no.811 involved the production of 200 units of product MF.The total standard and actual costs for materials and direct labor on this job are shown below: 
Compute the following cost variances for job no.811.Indicate whether each variance is favorable (F)or unfavorable (U).
(a)Materials price variance: $_______________
(b)Materials quantity variance: $_______________
(c)Labor rate variance: $_______________
(d)Labor efficiency variance: $_______________
Definitions:
Customer Satisfaction
A measure of how products or services supplied by a company meet or exceed customer expectation, pivotal for retaining customers and fostering brand loyalty.
ISO 19600
An international standard providing guidelines for compliance management systems, helping organizations to manage their compliance risks.
Global Compliance
The practice of ensuring that a corporation in multiple countries complies with all the applicable laws and regulations, both domestic and international.
Management Standard
A set of principles, models, or practices that guide and improve the effectiveness of management within organizations.
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