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Draft Co. set its standards for direct materials at a price of $12 per pound and 5 pounds of direct material per unit of finished product. It direct labor standards are set at $10 per hour for direct labor and 3 hour of direct labor per unit of finished product.

To produce 500 units of finished product the company purchased and used 2,300 pounds of direct materials for which it paid $15 per pound. The company used 1,350 hours of direct labor for which it paid $9 per hour in order to produce the 500 units of finished product. The total direct materials price variance was:

a. $ 1,500 Unfavorable

b. $ 6,900 Favorable

c. $ 6,900 Unfavorable

d. $ 7,500 Favorable

e. $ 7,500 Unfavorable

Same data Draft Co. set its standards for direct materials at a price of $12 per pound and 5 pounds of direct material per unit of finished product. Its direct labor standards are set at $10 per hour for direct labor and 3 hour of direct labor per unit of finished product.

To produce 500 units of finished product the company purchased and used 2,300 pounds of direct materials for which it paid $15 per pound. The company used 1,350 hours of direct labor for which it paid $9 per hour in order to produce the 500 units of finished product. The total direct materials quantity variance was:

a. $ 2,400 Favorable

b. $ 2,400 Unfavorable

c. $ 3,000 Favorable

d. $ 3,000 Unfavorable

e. $ 2,300 Favorable

Same data-- Draft Co. set its standards for direct materials at a price of $12 per pound and 5 pounds of direct material per unit of finished product. Its direct labor standards are set at $10 per hour for direct labor and 3 hour of direct labor per unit of finished product.

To produce 500 units of finished product the company purchased and used 2,300 pounds of direct materials for which it paid $15 per pound. The company used 1,350 hours of direct labor for which it paid $9 per hour in order to produce the 500 units of finished product. The total labor rate (price) variance was:

a. $ 500 Unfavorable

b. $ 1,500 Favorable

c. $ 1,500 Unfavorable

d. $ 1,350 Favorable

e. $ 1,350 Unfavorable

Same data-- Draft Co. set its standards for direct materials at a price of $12 per pound and 5 pounds of direct material per unit of finished product. Its direct labor standards are set at $10 per hour for direct labor and 3 hour of direct labor per unit of finished product.

To produce 500 units of finished product the company purchased and used 2,300 pounds of direct materials for which it paid $15 per pound. The company used 1,350 hours of direct labor for which it paid $9 per hour in order to produce the 500 units of finished product. The total labor efficiency (quantity) variance was:

a. $ 1,350 Favorable

b. $ 1,350 Unfavorable

c. $ 1,500 Favorable

d. $ 1,500 Unfavorable

e. $ 8,500 Unfavorable