At the beginning of June, Kimber Toy Company budgeted 4,800 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows:
Direct materials.................$ 60,000
Direct labor.........................48,000
Total..............................$108,000
The standard materials price is $5.00 per pound. The standard direct labor rate is $20.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows:
Actual direct materials.........$ 61,200
Actual direct labor.................48,000
Total..............................$109,200
There were no direct materials price or direct labor rate variances for June. In addition, assume no changes in the direct materials inventory balances in June. Kimber Toy Company actually produced 5,000 units during June.
Determine the direct materials quantity and direct labor time variances.