Eastern Polymers, Inc., processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 23,500 units of product were as follows:

Each unit requires 0.1 hour of direct labor.InstructionsDetermine (a) The price variance, quantity variance, and total direct materials cost variance; (b) The rate variance, time variance, and total direct labor cost variance; and(c) Variable factory overhead controllable variance, the fixed factory overhead volume variance, and total factory overhead costvariance.

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Standard Costs Actual Costs Direct materials Direct labor Factory overhead 4,250 lbs. at 18.32 2,400 hrs, at $17.00 4,280 lbs. at $8.10 2,350 hrs. at $17.50 Rates per direct labor hr., based on 100% of normal capacity of 2,000 direct labor hrs.: Variable cost, 32.20 Fixed cost, $3.50 $5,020 variable cost $7,000 fixed cost