The following data was obtained for a company that makes statues:Standard Inputs Expected For Each Unit of Output Standard Price Per Unit of Input

• Direct material 5 pounds $12 per pound
• Direct labor 1.5 hours $12 per hour
• During the month of July, the company actually produced 1,000 statutes, which is 100 units less than
• expected. Direct material purchased and used amounted to 5,500 pounds at a cost of $12.50 per pound.
• Actual direct labor was 1,450 hours at an actual cost of $13.00 per hour.

Required:

A) Compute the price and quantity variances for direct materials.

B) Compute the price and quantity variances for direct labor.