At the beginning of April, Mountain Fresh Printers Company budgeted 12,000 books to be printed in April at standard direct materials and direct labor costs as follows:
Direct materials .......... $24,000
Direct labor ........... 21,600
Total ............... $45,600
The standard materials price is $0.40 per pound. The standard direct labor rate is $12 per hour. At the end of April, the actual direct materials and direct labor costs were as follows:
Actual direct materials ....... $24,880
Actual direct labor .......... 23,940
Total ............... $48,820
There were no direct materials price or direct labor rate variances for April. In addition, assume no changes in the direct materials inventory balances in April. Mountain Fresh Printers Company actually produced 12,800 units during April.
Determine the direct materials quantity and direct labor time variances.