Acme Inc. has the following information available Actual price paid for material $1.00 Standard price for material $1.20

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Acme Inc. has the following information available
Actual price paid for material $1.00
Standard price for material $1.20
Actual quantity purchased and used in production $100
Standard quality for units produced $110
Actual labor rate per hour $15
Standard labor rate per hour $16
Actual hours $200
Standard hour for unit produced $220
A. Calculate the material price variable and indicate if the
variance is favorable or unfavorable?
B. Calculate the Material Quantity variance and indicate
if the variance is favorable or unfavorable?
C. Calculate the labor price variance and indicate if the
variance is favorable or unfavorable?
D. Calculate the labor Efficiency (time) variance and
indicate if the variance is favorable or unfavorable?
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