Problem 7-58 Name: Insert or select your answers in the gray-shaded cells. If an answer is incorrect, the word "wrong" will appear. a. Material price variance: Material price variance = AQx (AP-SP) Actual price (AP) - Standard price (SP) x Actual quantity used (AQ) Material price variance Aluminum Copper Total b. Material usage variance: Standard quantity of aluminum Standard quantity of copper Material usage variance = SP x (AQ - SQ) Aluminum Actual quantity (AQ) - Standard quantity (SQ) x Standard price (SP) Material usage variance c. Labor rate variance: Total actual labor cost Standard labor cost d. Labor efficiency variance: Labor efficiency variance = SPx (AH - SH) Actual hours (AH) Standard hours (SH) Standard price (SP) Labor efficiency variance e. Variable overhead spending variance: Actual VOH Budgeted VOH at actual hrs. Copper Total