Standard costs and actual costs incurred for the manufacture of 8000 units of product were as follows:
Standard Costs Actual Costs
Direct Materials: 8000 lbs @ $30 7750 lbs @ $30.20
Direct Labor: 10, 000 @ $36 10,250 hours at $38
Determine (a) the quantity variance, price variance and total direct materials cost variance and (b) the time variance, rate variance and total direct labor variance