# Materials and Labor Variances At the beginning of the year, Craig Company had the following standard...

###### Question:

Materials and Labor Variances

At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products:

 Direct materials (5 lbs. @ $4.00)$20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit$50.00

The actual results for the year are as follows:

1. Units produced: 500,000.
2. Materials purchased: 3,500,000 pounds @ $5.35. 3. Materials used: 3,000,000 pounds. 4. Direct labor: 950,000 hours @$12.96.

Required:

1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable.

 Material price variance $Material usage variance$

2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable.

 Labor rate variance $Labor efficiency variance$

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