1. DL and VarMOH variances (5pts): HoldOn Corporation makes a product with the following standard costs:

	Standard Quantity or Hours			Standard Price or Rate
Direct materials		9	grams	$	5.00	per gram
Direct labor		0.5	hours	$	18.00	per hour
Variable overhead		0.5	hours	$	3.00	per hour

The company planned to produce 3,500 units of output during August and reported the following results concerning this product in August.

Actual output		3,600	units
Raw materials used in production		29,000	Grams
Purchases of raw materials		29,000	Grams
Actual direct labor-hours		2,160	hours
Actual cost of raw materials purchases	$	159,500
Actual direct labor cost	$	39,960
Actual variable overhead cost	$	5,940

The company applies variable overhead on the basis of direct labor-hours.

1. Calculate the direct labor spending variance.
2. Calculate the direct labor efficiency variance.
3. Calculate the direct labor rate variance.
4. Calculate the variable overhead efficiency variance.
5. Calculate the variable overhead rate variance.