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Chapter 10 XYZ Company uses standards to control its costs. The labor standards for one unit is as follows: Standard Hours 15 minutes Standard Rate Per Hour Standard Cost 20.00 7.00 During the month, 2,000 hours of direct labor time were needed to make 10,000 units. The total direct labor cost totaled $55,000 1. What is the standard labor hours allowed to make 10,000 units? 2,500 hours Use the following table for Questions 2-5 ABC Company produces one product. The direct material standards for one unit of product is given below Standard Quantity Standard Price 2.5 lbs Standard Cost Direct Materials 3/lb 15 During the month of February, the company planned on making 6,000 units, but the following activity was recorded A. 10,000 lbs of material were purchased at a cost of $3.15/lb. B. All of the material purchased was used to produce 5,000 units. 2. Compute the materials price variance for February $1,500U 3. Compute the materials quantity variance for February $7,500F . Compute the materials spending variance for February $6,000F 5. What raw materials cost would be included in the company's planning budget $45,000