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Blue Spruce Corporation estimated it would produce 6,440 compost bins, though actual production was 6,620...

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Accounting

Blue Spruce Corporation estimated it would produce 6,440 compost bins, though actual production was 6,620 during August. The standard labor cost is based on producing 2 bins per hour at $18.00 per hour. Actual cost per hour was $18.40 with a total labor cost of $57,776.
Determine the amounts of the labor price and the labor quantity variances for August. Identify whether each variance is favorable or unfavorable.
Labor Price Variance
$
Labor Quantity Variance
$
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