1 of 2 Waterway Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials-1 pound plastic at $8.00 per pound $8.00 Direct labor-1.00 hours at $11.90 per hour 11.90 5.50 Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit 10.50 $35.90 -/50 The predetermined manufacturing overhead rate is $16 per direct labor hour ($16.00 +1.00). It was computed from a master manufacturing overhead budget based on normal production of 5,600 direct labor hours (5,600 units) for the month. The master budget showed total variable costs of $30,800 ($5.50 per hour) and total fixed overhead costs of $58,800 ($10.50 per hour). Actual costs for October in producing 4,300 units were as follows. Direct materials (4,400 pounds) $36,080 Direct labor (4,160 hours) 50,752 Variable overhead Fixed overhead 49.534 21,066 Total manufacturing costs $157,432 The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored. Homework: Chapter 26 Question 1 of 2 Tay < > Compute all of the materials and labor variances. Total materials variance $ Materials price variance $ Materials quantity variance $ Total labor variance $ Labor price variance Labor quantity variance -/50 Caut quantity va (b) Compute the total overhead variance. Total overhead variance eTextbook and Media