Question: It has to do with material price variance, material quantity variance, labor rate variance, and labor efficiency variance. Please show your work. Thank you for

It has to do with material price variance, material quantity variance, labor rate variance, and labor efficiency variance. Please show your work. Thank you for your help in advance.

$225,000 Actual cost of direct materials

$224,000 Standard cost of direct materials

30 Actual materials used

31 Standard materials used

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$15.50 Actual direct labor rate

$15.00 Standard labor rate

45 Actual hours worked

40 Standard hours worked

---

Amount Favorable/unfavorable

Materials price variance _________ _________

Materials quantity variance _________ _________

---

Amount Favorable/unfavorable

Labor rate variance _________ _________

Labor efficiency variance _________ _________

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