Question: Need help solving the labor rate and efficiency variance! Standard Quantity or Hours 4.6 pounds 0.2 hours Standard Price or Rate $ 2.50 per pound

Need help solving the labor rate and efficiency variance!
Need help solving the labor rate and efficiency variance! Standard Quantity or

Standard Quantity or Hours 4.6 pounds 0.2 hours Standard Price or Rate $ 2.50 per pound $19.00 per hour Standard Cost $11.50 $ 3.60 Direct materials Direct labor During the most recent month, the following activity was recorded a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound b. All of the material purchased was used to produce 4,000 units of Zoom. c.750 hours of direct labor time were recorded at a total labor cost of $14,925. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month (For all requirements, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None no effect (ie, zero variance). Input all amounts as positive values.) 1 $ 3,000 F 2.375 U $ Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance 2

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