(Answered) Question - volmer company has set the following standards

Accounting

Question - Volmer Company has set the following standards for one unit of product:

Direct material quantity: 4.7 pounds per unit

Price per pound: $9 per pound

Direct labor quantity: 3 hours per unit

Rate per hour: $21 per hour

Actual costs incurred in the production of 2,000 units were as follows:

Direct material: $89,280 ($9.30 per pound)

Direct labor: $118,900 ($20.50 per hour)

All materials purchased were consumed during the period

Calculate the four variances (material and labor).

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