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Problems 1. (10 Points) Biery Corporation makes a product with the following standard costs: Standard...

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Accounting

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Problems 1. (10 Points) Biery Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 1.3 liters $6.00 per liter Direct labor 0.6 hours $19.00 per hour Variable overhead 0.6 hours $3.00 per hour The company produced 4,100 units in April using 5.380 liters of direct material and 2,610 direct labor hours. During the month, the company purchased 6,000 liters of the direct material at $5.80 per liter. The actual direct labor rate was $19.80 per hour and the actual variable overhead rate was $2.90 per hour. Calculate the following: 1) Material Price Variance: 2) Material Quantity Variance; 3) Labor Rate Variance and 4) Labor Efficiency Variance. MPV _ 1,076 MQV_ - 300 LRV -2,068.00 LEV-2, 850.00

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