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Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct...

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Accounting

Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below:

Standard Quantity or Hours Standard Price or Rate Standard Cost
Direct materials 7.80 pounds $ 2.50 per pound $ 19.50
Direct labor 0.30 hours $ 6.00 per hour $ 1.80

During the most recent month, the following activity was recorded:

  1. 9,300.00 pounds of material were purchased at a cost of $2.20 per pound.

  2. All of the material purchased was used to produce 1,000 units of Zoom.

  3. 200 hours of direct labor time were recorded at a total labor cost of $1,400.

Required:

1. Compute the materials price and quantity variances for the month.

2. Compute the labor rate and efficiency variances for the month

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