Direct manufacturing labor and direct materials variances, missing data. (CMA heavily adapted). More Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor is $100 per board. This includes 20 pounds of direct materials, at the budgeted price of $2 per pound, and five hours of direct manufacturing labor, at the budgeted rate of $12 per hour. Following are additional data for the month of July:

There were no beginning inventories.

1. Compute direct manufacturing labor variances for July.

2. Compute the actual pounds of direct materials used in production in July.

3. Calculate the actual price per pound of direct materials purchased.

4. Calculate the direct materials price variance.

Units completed Direct material purchases Cost of direct material purchases Actual direct manufacturing labor-hours Actual direct-labor cost Direct materials efficiency variance 6,000 units 150,000 pounds S292,500 32,000 hours S368,000 S 12,500 U