Nona Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.
Direct materials (8 pounds at $2.50 per pound) ....$20
Direct labor (3 hours at $12.00 per hour) .....$36
During the month of April, the company manufactures 235 units and incurs the following actual costs.
Direct materials purchased and used (1,900 pounds) ...$5,035
Direct labor (700 hours) ...............$8,260
Instructions
Compute the total, price, and quantity variances for materials and labor.