Variance analysis, material and labor Each unit of job Y703 has standard requirements of 5 pounds…

Variance analysis, material and labor Each unit of job Y703 has standard requirements of 5 pounds of raw material at a price of $100 per pound and 0.5 hour of direct labor at $12 per hour. To produce 9,000 units of this product, job Y703 actually required 40,000 pounds of the raw material costing $97 per pound. The job used a total of 5,000 direct labor hours costing a total of $60,000.

Required

(a) Determine the material price variance for job Y703.

(b) Determine the material quantity variance for job Y703.

(c) Assume that the materials used on this job were purchased from a new supplier. Would you recommend continuing with this new supplier? Why or why not?

(d) Determine the direct labor rate variance for job Y703.

(e) Determine the direct labor efficiency variance for job Y703.

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