During March 2011, the Following Activity Was Recorded by the Company

Essay

During March 2011, the following activity was recorded by the company relating to the production of tybos:
1. The company produced 7,500 units during the month.
2. A total of 20,000 pounds of materials were purchased at a cost of $55,000.
3. A total of 20,000 pounds of materials were used in production.
4. 4,000 hours of labor were incurred during the month at a total wage cost of $44,000.
Instructions
Calculate the following variances for March for Malone, Inc.
(a) Materials price variance
(b) Materials quantity variance
(c) Labor price variance
(d) Labor quantity variance