Calculating materials and labor price and quantity variances (LO2). The Glass Vessel Company has established the following budget for producing one of its hand-blown vases: In March of the most recent...

Calculating materials and labor price and quantity variances (LO2). The Glass Vessel Company has established the following budget for producing one of its hand-blown vases:

In March of the most recent year, Glass Vessel produced 300 vases using 650 pounds of materials. Glass Vessel purchased the 650 pounds of materials for $845. Labor costs for March were $7,200 for 480 hours worked.

Required:

a. What are Glass Vessel’s materials price and quantity variances for March?

b. What are Glass Vessel’s labor price and quantity variances for March?