(30 points - 5 each) Wilson Company developed the following standard costs for its product for 2014: WILSON COMPANY Standard Cost Card Standard Cost $5 Cost Elements Direct materials Direct labor Variable overhead Fixed overhead Standard Quantity 4 pounds 2 hours 2 hours 2 hours Standard Price $20 20 10 4 8 2 4 $52 The company expected to work at the 120,000 direct labor hours level of activity and produce 60,000 units of product. Actual results for 2014 were as follows: 56,800 units of product were actually produced Direct labor costs were $1,092,000 for 112,000 direct labor hours actually worked, Actual direct materials purchased and used during the year cost $1,085,700 for 231,000 pounds Total actual manufacturing overhead costs were $682,000, Instructions Compute the following variances for Wilson Company for 2014 and indicate whether the variance is favorable or unfavorable 1. Direct materials price variance. 2. Direct materials quantity variance 3. Direct labor price variance 4. Direct labor quantity variance. 5. Overhead controllable variance. 6. Overhead volume variance