Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures.
Direct materials (15 lbs. @ $3 per lb.) $45
Direct labor (2 hrs. @ $15 per hr.) 30
During May the company incurred the following actual costs to produce 9,000 units.
Direct materials (137,100 lbs. @ $2.80 per lb.) $ 383,880
Direct labor (21,600 hrs. @ $15.10 per hr.). 326,160
Required:
(1) Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.)
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