The Following Information Describes Production Activities of the Midtown Corp

Essay

The following information describes production activities of the Midtown Corp.:
$\begin{array}{llr} \text { Raw materials used } & \text { 16,000 lbs. at \( \$ 4.05 \) per \( \mathrm{lb} \)}\\ \text { Factory payroll } & \text { 5,545 hours for a total of \( \$ 72,085 \)} \\\end{array}$

30,000 units were completed during the year Budgeted standards for each unit produced: 1/2 lb. of raw material at $4.15 per lb.
10 minutes of direct labor at $12.50 per hour
Compute the direct materials price and quantity and the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.