PLEASE ANSWER ALL QUESTIONS FOR A THUMBS UP RATING, THANK YOU!

1) The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product:

	Actual Costs	Standard Costs
Direct Material	6,200 lb. @ $3.90	6,000 lb. @ $4.00
Direct Labor	4,300 hrs. @ $14.70	4,000 hrs. @ $15.00

Determine the materials price variance

a. $620 F

b. $620 U

c. $180 F

d. $180 U

e. None of the above

2) The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product:

	Actual Costs	Standard Costs
Direct Material	7,700 lb. @ $2.65	8,000 lb. @ $2.50
Direct Labor	3,470 hrs. @ $19.90	3,500 hrs. @ $20.00

Determine the labor efficiency variance.

a. $597 U

b. $597 F

c. $600 U

d. $600 F

e. None of the above