Levine Inc which produces a single product has prepared the

Last updated: 4/4/2023

Levine Inc which produces a single product has prepared the following standard cost sheet for one unit of the product Direct materials 10 pounds at 3 40 per pound Direct labor 6 hours at 12 00 per hour During the month of April the company manufactures 340 units and incurs the following actual costs Direct materials purchased and used 2 500 pounds Direct labor 2 080 hours Total materials variance Compute the total price and quantity variances for materials and labor Materials price variance Materials quantity variance Total labor variance Labor price variance LA en 34 00 72 00 LA 8 750 24 544