Reference no: EM132594341

The following data is give for the Walker Company:

Budgeted production                                      1,000 units

Actual production                                          980 units

Materials:

Standard price per lb                                           $2.00

Standard pounds per completed unit                         12

Actual pounds purchased and used in production    11,800

Actual price paid for materials                            $23,000

Labor:

Standard hourly labor rate                            $14 per pound

Standard hours allowed per completed unit   4.5

Actual labor hours worked                        4,560

Actual total labor costs                             $62,928

Overhead:

Actual and budgeted fixed overhead            $27,000

Standard variable overhead rate                   $3.50 per standard labor hour

Actual variable overhead costs                      $15,500

Overhead is applied on the standard labor hours.

Question 1: The direct labor rate variance is:

Question 2: The direct labor time variance is: