1.GDL company uses a standard cost system. The companys standard cost per unit were:

Direct materials 20 pounds at 1.0020,000

Direct labor 1 hour at 15.0015,000

Variable overhead: 1 hour at 5.005.00

Fixed overhead: 1 hour at 2.002.00

TotalP 42.00

Fixed overhead is based on a production of 40,000 units during the month.

Actual costs for the month

direct materials purchased2,000,000 lbs. At 1.20

direct materials used1,200,000 lbs.

Actual direct labor50,000 hours (14.00/hr)

Variable overhead280,000

Fixed overhead83,000

Units completed40,000 units

Work in process, beg. (80% complete)10,000 units

Work in process, end (50% complete)20,000 units

Materials are added 100% at the beginning.

Required: Two-variances for materials, labor, and overhead.