Answer:
Direct material quantity variance = -$260 Unfavorable
Direct labor time variance = -$176 Unfavorable
Step-by-step explanation:
The computation of the direct materials quantity and direct labor time variances is shown below:-
Direct material quantity variance = (Standard Direct material ÷ Company budgeted × Produced units) - Actual direct material
= ($10,500 ÷ 10,000 × 8,800) - $9,500
= ($1.05 × 8,800) - $9,500
= $9,240 - $9,500
= -$260 Unfavorable
Direct labor time variance = (Standard Direct labor ÷ Company budgeted × Produced units) - Actual direct labor
= ($4,800 ÷ 10,000 × 8,800) - $4,400
= $0.48 × 8,800) - $4,400
= $4,224 - $4,400
= -$176 Unfavorable
Therefore we have applied the above formula.