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Compute the direct-material price and quantity variances

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Reference no: EM13589574

During April, Dryden Company's material purchases amounted to 8,500 pounds at a price of $7.70 per pound. Actual costs incurred in the production of 1,700 units were as follows:
Direct labor: $ 134,655 ($19.10 per hour)
Direct material: $ 45,430 ($7.70 per pound)

The standards for one unit of Dryden Company's product are as follows:
Direct Labor:   Direct Material:
Quantity, 4 hours per unit     Quantity, 3 pounds per unit
Rate, $19.00 per hour     Price, $7.40 per pound

Required:

Compute the direct-material price and quantity variances, the direct-material purchase price variance, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.

Reference no: EM13589574

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