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What is the material price variance and labor rate variance

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Question - ABC Company produces the fuzzy bear which is a stuffed animal with 99 percent natural fibers.

Each fuzzy bear requires a standard of four square yards of cotton cloth. The standard price is $1.00 per square yard. ABC manufactured 1,000 fuzzy bears in October. The company purchased 4,100 of cloth and paid $1.05 per square of cloth. The company used 4,020 yards of cloth in the production of 1,000 fuzzy bears.

What is the material price variance and labor rate variance?

Reference no: EM131798099

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