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Penny Worth Band Uniforms uses a standard costing system. The standard material and labor costs for...

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Accounting

Penny Worth Band Uniforms uses a standard costing system. Thestandard material and labor costs for producing a marching band hatare as follows:

Materials (0.90 yards × $11.40)$10.26
Direct labor (1.20 hours × $13.80)$16.56


During May, the company produced 3,340 band hats; 3,870 yards ofmaterial were purchased for $41,022, and 3,050 yards of materialwere used in production. Also during May, 4,240 direct labor hourswere worked at a cost of $59,360. Calculate material price andquantity variances and labor rate and efficiency variances.Indicate whether the variances are favorable or unfavorable.

Material price variance $ _______ (favorable or unfavorable)

Material Quantity variance $ _______ (favorable orunfavorable)

LAbor rate variance $ _______ (favorable or unfavorable)

Labor efficiency variance $ _______ (favorable orunfavorable)

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