4. Standard cost systems variance computations 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: Standard Cost Information Direct Material Standard Price Standard Quantit Allowed Per Unit Direct Labor Standard Rate Standard Hours Allowed Per Unit Fixed Overhead Bud _eted Normal Level of Producti on Variable Overhead A u Iication Rate Fixed Overhead A: n Iication Rate $24 000:12 000 units Total Overhead A . nlication Rate $12 er nound 4 ounds er unit $7 er hour 0.5 hours er unit $24,000 er month 12,000 units uer month $1-80 er unit $2.00 er unit $3.80 ner unit Actual Cost Information Cost of Material Purchased & Used Pounds of Material Purchased & Used Cost of Di rect Labor Hours of Direct Labor Cost of Variable Overhead Cost of Fixed Overhead Actual Volume of Production $429,000 39,000 ounds $23,100 4,200 hours $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: $ (b) Materials quantity variance: S (0) Labor rate variance: $ ((1) Labor efciency variance: $ (e) Overhead spending variance: $ (t) Overhead volume variance: $