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Exercise 8-15 Direct materials and direct labor variances LO P2

The following information describes production activities of Mercer Manufacturing for the year:

Actual direct materials used 36,000 lbs. at $6.05 per lb. Actual direct labor used 11,100 hours for a total of $233,100 Actual units produced 66,030

Budgeted standards for each unit produced are 0.50 pounds of direct material at $6.00 per pound and 10 minutes of direct labor at $22.00 per hour.

(1) Compute the direct materials price and quantity variances. (Do not round intermediate calculations.)

(2) Compute the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable. (Do not round intermediate calculations.)