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Direct material and labor variances

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Controller Tri Nuygen is analyzing the direct material and direct labor variances for 2008. He asks you to prepare a memo outlining what to investigate and why.
The following information comes from the accounting records

Required

Compute the appropriate direct material and direct labor variances.

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The solution explains how to calculate the direct material and labor variances.

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Compute the appropriate direct material and direct labor variances.

1. Direct material variance
a. Material Price Variance = (Actual Price - Standard Price) Actual Quantity Purchased
Actual Price = 172,500/575,000 = 0.30
Standard Price = 0.25
Actual quantity purchased = 575,000 pounds
Material Price ...

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