The standard cost of product 777 includes 25 units of direct materials at $5.40per uit During the co bought 28.200 units of materials at $5.75 and used the materials to produce 11.500 Compute the price and quantity variances for material Total materials variance 3 Materials price variance Materiah quantity arance Labor data for making one gallon of finished product in Bing Company are as follows. (1) Price-hourly wage rate $15.90, payroll taxes $0.50, and fringe benefits $1.70. (2) Quantity-actual production time 1.60 hours, rest periods and cleanup 0.30 hours, and setup and downtime 0.20 hours. Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct labor rate per hour. $ hours Standard direct labor hours per gallon. Standard labor cost per gallon. (b) (c) $
