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Calculate the 2015 price and quantity

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Reference no: EM131045553

ABC developed the following standard costs for direct material and direct labor for one of their major projects;

Standard Quantity

Standard Price

Direct Materials

10 kilograms

$5 per kilogram

Direct Labor

0.5 hours

$30 per hour

During 2015, the company produced and sold 100,000 units using 990,000 kilograms of direct materials at an average cost of $4.95 per kilogram, and total direct labor costs of $1,428,000 (51,000 DLH's incurred)

Question: Calculate the 2015 price and quantity (efficiency) variances, and total variances, for direct material and direct labor. Show calculations.

Reference no: EM131045553

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