Help Save & Exit Submit Smooth Ltd. manufactures a product. The company has recently established a standard cost system to help control costs and established the following standards for the product: Direct materials Direct labour 5 metres per unit at $5.00 per metre 1.6 hours per unit at $8.00 per hour During February, the company produced 3.200 units. Production data for February follows: Direct materials Direct labour 12.000 metres were purchased for use in production at a cost of $5.30 per metre. Some 1,500 metres of material were still in inventory at the end of February 14.900 hours were worked at a cost of $36.750. Required: a) Calculate the direct material price and quantity variances. (4 marks) Enter unfavourable (U) variances and favourable (F) as absolute numbers. Material price variance Material quantity variance b) Calculate the direct labour rate and efficiency variances. (4 marks) Enter unfavourable (U) variances and favourable (F) as absolute numbers. Direct labour rate variance Direct labour efficiency variance 2012 Material quantity variance b) Calculate the direct labour rate and efficiency variances. (4 marks) Enter unfavourable (U) variances and favourable (F) as absolute numbers. Direct labour rate variance Direct labour efficiency variance T c) Show the information needed to record the material quantity variance journal entry starting with the debit(s) (3 marks) Account Amount Debit or Credit Prey 20 20 SAMSUNG