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Q1 Doctor Bombay Manufacturing produces a single product and has prepared the following standard cost sheet...

Q1 Doctor Bombay Manufacturing produces a single product and has prepared the following standard cost sheet for one unit.

Direct Materials (8 pounds at $2.50 per pound)

Direct Labor ( 2.5 hours at $14 per hour)

During the month of March 2018 275 units of the product were manufactured at the following costs were incurred:

Direct Materials purchased and used 2,500 pounds The total cost was $5,850

Direct Labor Required 703 hours    The total cost was $9,673 (rounded)

Based on this information what was: (Each question is worth 5 points for a total of 30 points)

The materials price variance $______________________ favorable/unfavorable

The materials quantity variance $_______________________ favorable/unfavorable

The total materials variance $___________________________ favorable/unfavorable

The direct labor time variance $_________________________ favorable/unfavorable

The direct labor rate variance $__________________________ favorable/unfavorable

The total labor variance $______________________________ favorable/unfavorable

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