19(b) Standard Costing (8 points) Livingston Corporation recently implemented a standard cost system. The company's cost accountant has provided the following data to perform a variance analysis for May: tandard Cost Information Direct Material Standard Price Standard Quantity Allowed Per Unit Direct Labor Standard Rate Standard Hours Allowed Per Unit ixed Overhead Budgeted Normal Level of Production 12 per pound s per unit 0.5 hours per unit 24,000 per month 12,000 units per month ariable Overhead Application Rate Fixed Overhead Application Rate $1.80 per unit ($24,000+12,000 units) Total Overhead Application Rate $2.00 per unit 3.80 per unit Actual Cost Information Cost of Material Purchased& Used Pounds of Material Purchased&Used 429,000 39,000 pounds 23,100 ost of Direct Labor Hours of Direct Labor Cost of Variable Overhead Cost of Fixed Overhead Actual Volume of Production 17,750 24,200 10,400 units Compute the following variances. Indicate whether each variance is favorable (F) or unfavorable (U): (a) Materials price variance: S (b) Materials quantity variance: (c) Labor rate variance: S (d) Labor efficiency variance: S