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P.5 Part 5 Standard Costing: Direct Materials and Direct Labor Variances 9 Points each. =...

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P.5 Part 5 Standard Costing: Direct Materials and Direct Labor Variances 9 Points each. = 18. Part 1) The following relates to the production of 50000 Truck tires. Actual materials cost 725,000 pounds at $3.00 per pound Standard materials cost 730,000 pounds at $2.95 per pound Required: Calculate the Direct Materials price variance, quantity variance and total direct materials cost variance. (9 points 3 each part) Part 2 The following relates to the production of 20,000 cellular telephones. Actual labor cost 8,450 hours at $22.50 per hour Standard labor cost 8,400 hours at $23.00 per hour Required: Calculate the Direct Labor rate variance, time variance, and total direct labor cost variance. (9 points 3 each part)

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