Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 pounds at $2.40 per pound) $19.20 Direct labor (5 hours at $12.00 per hour) $60.00 During the month of April, the company manufactures 260 units and incurs the following actual costs. Direct materials purchased and used (2,400 pounds) $6,240 Direct labor (1,310 hours) $15,458 Compute the total, price, and quantity variances for materials and labor. Total materials variance $enter a dollar amount select an option Materials price variance $enter a dollar amount select an option Materials quantity variance $enter a dollar amount select an option Total labor variance $enter a dollar amount select an option Labor price variance $enter a dollar amount select an option Labor quantity variance $enter a dollar amount

$3,120 U

$480 U

$2,640 U

$142 F

$262 F

$120 U

Explanation:

As per the data given in the question,

Total material variance = Actual cost - Standard cost

= $6,240 - (260 × 5 × 2.4)

= $3,120 U

Material Price Variance = (Actual quantity × Actual rate) - (Actual quantity-standard rate)

= $6,240 - (2,400 × 2.4)

= $480 U

Material Quantity Variance = Standard rate × (actual quantity used - standard quantity)

= 2.4 × (2,400 - (260×5))

= $2,640 U

Total Labor variance = Actual cost - Standard cost

= $15,458 - (260 × 12 × 5)

= 142 F

Labor price variance = (Actual hour × actual rate)  - (actual hours  × standard rate)

= $15,458 - ($1,310 × 12)

= $262 F

Labor efficiency variance = Standard cost × (Actual hrs used - Standard hours)

= 12 × (1,310 - (260 × 5))

= $120 U

We simply applied the above formulas

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- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.