The following direct materials and direct labor data pertain to the operations of Ivanhoe Company for the month of August. Costs Actual labor rate $15 per hour Actual materials price $180 per ton...

Extracted text: The following direct materials and direct labor data pertain to the operations of Ivanhoe Company for the month of August. Costs Actual labor rate $15 per hour Actual materials price $180 per ton Standard labor rate $14.50 per hour Standard materials price $182 per ton Quantities Actual hours incurred and used 4,700 hours Actual quantity of materials purchased and used 1,900 tons Standard hours used 4,760 hours Standard quantity of materials used 1,890 tons


Extracted text: Total labor variance Labor price variance $ Labor quantity variance $ %24 %24