2. Please see attached word doc. "The following information is for the standard and actual costs for Chesapeake Bay Corporation."

2. The following information is for the standard and actual costs for Chesapeake Bay Corporation. Standard Costs: Budgeted units of production - 16,000 (80% of capacity) Standard labor hours per unit - 4 Standard labor rate $26 per hour Standard material per unit - 8 lbs. Standard material cost - $ 12 per lb. Budgeted fixed overhead $640,000 Standard variable overhead rate - $15 per labor hour. Fixed overhead rate is based on budgeted labor hours at 80% capacity. Actual Cost: Actual production - 16,500 units Actual fixed overhead - $640,000 Actual variable overhead - $1,000,000 Actual labor - 65,000 hours, total labor costs $1,700,000 Actual material purchased and used - 130,000 lbs, total material cost $1,600,000 Actual variable overhead - $1,000,000 Determine: (a) the quantity variance, price variance, and total direct materials cost variance; (b) the time variance, rate variance, and total direct labor cost variance; and (c) the volume variance, controllable variance, and total factory overhead cost variance. Answer: (a) (b) (c)