Acme Inc. has the following information available: Actual price paid for material...
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Accounting
Acme Inc. has the following information available:
| Actual price paid for material | $0.90 |
| Standard price for material | $1.00 |
| Actual quantity purchased and used in production | 100 |
| Standard quantity for units produced | 110 |
| Actual labor rate per hour | $15 |
| Standard labor rate per hour | $16 |
| Actual hours | 210 |
| Standard hours for units produced | 240 |
A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers.
| Material price variance | $ | |
| Material quantity variance | $ | |
| Labor rate variance | $ | |
| Labor efficiency variance | $ |
B. What are some possible causes for this combination of favorable and unfavorable variances?
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