(Answered) Question - ransom inc manufactures product x the purchasing

Accounting

Question - Ransom Inc. manufactures Product X. The purchasing and production departments have provided the following information related to Product X for the month of March:

Standard (Budgeted) Actual

Direct materials: 1,500 pounds at $35.00/lb. 1,600 pounds at $32.00/lb.

Direct labor: 4,800 hours at $11.00/hr. 4,500 hours at $11.80/hr.

Compute the following for Ransom (number and term):

Total direct materials cost variance:

Direct labor rate variance:

Direct materials quantity variance:

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