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Discuss material and labor variances

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Material and Labor Variances

The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product:

Direct material 7,800 lbs. @ $5.30  8,000 lbs. @ $5.10 
Direct labor  12,400  hrs. @ $8.40  12,000  hrs. @ $8.70 

Determine the following variances:

Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable.

Reference no: EM131786675

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