2. Mortimer Co. budgeted for production of 24,500 units for the current period. The following information comes from the company's records for the current period (20 pts): During the current period, the company produced 25,000 units. Actual costs were: Direct materials. 38.000 ft. @ $6.20 Direct labor. 50,660 hrs @ $16 Fixed overhead... $365,000 Variable overhead.... $211.600 Overhead costs are based on direct labor hours. Standard costs and quantities per unit are: Standard costs were: Per Unit Direct materials (1.5 ft @ $6.10 ft) ............ $9.15 Direct labor (2 hours @ $17 hr) $34.00 Variable overhead (2hrs @ $2.25/hr ......... $4.50 Fixed overhead (2 hrs @ $1.95/hr)............. $3.90 Calculate the direct materials price and quantity variances, direct labor rate and efficiency variances, and the variable overhead and fixed variances. State if each variance is favorable or unfavorable, and give 1 reason for each variance over $3,000 Direct materials: Price variance Quantity variance Direct labor: Rate variance Efficiency variance Variable overhead: Spending variance Efficiency variance Fixed overhead Spending variance Volume variance