The following actual data was given for the firm

The following actual data was given for the firm.

8,000 pounds of material were purchased costing $ 40,000

Four hundred units were produced requiring 900 labor hours costing $4,500 and 1, 000 pounds of material . The standard for labor is 2 hours per unit with a wage rate of $3 per hour and for materials 2 pounds per unit at a price of $4 per unit.

A) 10% - Calculate all labor variances

B) 10%-- Calculate all material variances

C) 4% - Write an analysis of how you would explain to management the meaning of the variance you calculated