Tara Corporation produces a product for national distributio…

Tara Corporation produces a product for national distribution. Standards for the product are: Materials: 12 ounces per unit at 60¢ per ounce. Labor: 2 hours per unit at $8 per hour.   During the month of December, Tara produced 1,000 units.  Information for the month follows: Materials: 14,000 ounces purchased and used at a total cost of $7,700. Labor: 2,500 hours worked at a total cost of $20,625.   The materials price variance is:

Rain Jewelry’s records for November showed that the actual q…

Rain Jewelry’s records for November showed that the actual quantity of gold colored material purchased was 6,500 ounces at an actual price of $3.80 per ounce. The total cost of the gold material purchased was $24,700.  All of the gold material purchased was used during November to manufacture 2,000 plaques.  Rain Jewelry’s standards require that one plaque requires 3 ounces of gold material at a standard cost of $4.00 per ounce. The materials price variance for November is: