Riggins, Inc. manufactures one product called tybos. The company uses a standard cost system and sells each tybo for $8. At the start of monthly production, Riggins estimated 9,500 tybos would be produced in March. Riggins has established the following material and labor standards to produce one tybo:Standard Quantity Standard PriceDirect materials 2.5 pounds $3 per poundDirect labor 0.6 hours $10 per hourDuring March 2013, the following activity was recorded by the company relating to the production of tybos:1. The company produced 9,000 units during the month.2. A total of 24,000 pounds of materials were purchased at a cost of $66,000.3. A total of 24,000 pounds of materials were used in production.4. 5,000 hours of labor were incurred during the month at a total wage cost of $55,000.InstructionsCalculate the following variances for March for Riggins, Inc.Materials price varianceMaterials quantity varianceLabor price varianceLabor quantity variance

Standard cost systems employ "standard costs," which are the planned or anticipated costs considered necessary to produce one unit of a good or deliver one service. Materials, labor, and overhead costs for each product have all historically been regulated by standards. Actual costs are contrasted with conventional costs in order to spot variances (the difference between the actual cost and the cost that was expected to be incurred). Accounting records for a standard cost system comprise both standard costs and real expenses. This dual record keeping provides a measure of cost control by providing norms to compare actual costs of activities against.

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