Question

 Material Price variance = Actual Quantity purchased* (Actual Price - Standard Price) Material Price variance = 76,000 * (\$0.31 - \$0.33) Material Price variance = \$1,520 Favorable Material Quantity variance = Standard Price * (Actual Quantity used - Standard Quantity) Material Quantity variance = \$0.33 * ((76,000-37,000) - (5,200*6)) Material Quantity variance = \$2,574 Unfavorable Labor rate variance = Actual hours * (Actual rate - Standard rate) Labor rate variance = 7,880 * ((\$60,676/7,880) - \$7.30) Labor rate variance = \$3,152 Unfavorable Labor efficiency variance = Standard rate * (Actual Hours - Standard Hours) Labor efficiency variance = \$7.30 * (7,880 - (5,200*1.4)) Labor efficiency variance = \$4,380 Unfavorable

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