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  3. orion corporation has established the following st

Orion Corporation has established the following standards for the prime costs of one unit of...

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Accounting

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Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Standard Quantity 6.00 pounds 0.30 hour Standard Price or Rate $1.10 per pound $6.00 per hour Standard Cost $ 6.60 1.80 Total $ 8.40 During June, Orion purchased 227,000 pounds of direct material at a total cost of $274,670. The total wages for June were $72,576, 75 percent of which were for direct labor. Orion manufactured 36,000 dartboards during June, using 205,200 pounds of the direct material purchased in June and 11,520 direct-labor hours. Required: Compute the following variances for June. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance).) 1. Direct-material price variance 2. Direct-material quantity variance 3. Direct-material purchase price variance 4. Direct-labor rate variance 5. Direct-labor efficiency variance Favorable Unfavorable None

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