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Calculate the standard cost and the material price and quantity variances for Les Francias Beret Company...

Calculate the standard cost and the material price and quantity variances for Les Francias Beret Company for last month when they made 10,000 berets. They expect to use ten square inches of fine fabric in each beret. They budgeted a cost of twenty-five cents per square inch of fabric in each beret. They actually used 110,000 square inches of material, which cost them $24,200.   

  1. What is the standard (expected) cost of making the 10,000 berets for material in total?
  2. Calculate and clearly show the material price and quantity variances.
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