Winners Trophy Company produces a variety of athletic awards, most of them in the form of trophies. Its deluxe trophy stands 3 feet tall above the base. The company’s direct materials standards for the deluxe trophy include 1 pound of metal and 8 ounces of wood for the base. Standard prices for the year were $3.30 per pound of metal and $0.45 per ounce of wood. Direct labor standards for the deluxe trophy specify 0.2 hour of direct labor in the Molding Department and 0.4 hour in the Trimming/Finishing Department. Standard direct labor rates are $10.75 per hour in the Molding Department and $12.00 per hour in the Trimming/Finishing Department.

During January, the company made 16,400 deluxe trophies. Actual production data are as follows:

Direct materials

Metal.........16,640 pounds @ $3.25 per pound

Wood...........131,400 ounces @ $0.48 per ounce

Direct labor

Molding........3,400 hours @ $10.60 per hour

Trimming Finishing.....6,540 hours @ $12.10 per hour

Required

1. Compute the direct materials price and quantity variances for metal and wood.

2. Compute the direct labor rate and efficiency variances for the Molding and the Trimming/Finishing Departments.