Chapter 7 - BB exercise No. 2 - Practice Question no 1 MSU makes blue jean jackets. The standard costs per jacket are as follows: Budgeted Qty Budgeted Price Direct Material $ 60.00 per yard Direct Labor $ 30.00 per hour .10 MSU produced and sold 10,000 jackets using 1,000 yards of direct materials at a cost of $ 64.00 per yard and 500 hours of direct labor at a wage of $ 30.50 per hour. What is the direct manufacturing labor efficiency variance? Also, is the variance favorable or unfavorable? The format of your answer must be as follows: The direct manufacturing labor efficiency variance is $10.00 Favorable -(this is not the correct answer) Chapter 7-BB exercise No. 2 - Practice Question no 2 MSU makes blue jean jackets. The standard costs per jacket are as follows: Budgeted Qty Budgeted Price Direct Material .20 $ 60.00 per yard Direct Labor $ 30.00 per hour .10 MSU produced and sold 10,000 jackets using 1,000 yards of direct materials at a cost of $ 64.00 per yard and 500 hours of direct labor at a wage of $ 30.50 per hour. What is the direct manufacturing material price variance? The format of your answer must be as follows: The direct manufacturing material price variance is $10.00 Favorable -(this is not the correct answer)