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 $12 per pound Standard Quantity Allowed Per Unit 4 pounds per unit Direct Labor Standard Rate 57 per hour Standard Hours Allowed Per Unit 0.5 hours per unit Fixed Overhead Budgeted $24,000 per month Normal Level of Production 12,000 units per month Variable Overhead Application Rate 51.80 per unit Fixed Overhead Application Rate ($24,000/12,000 units) 52.00 per unit Total Overhead Application Rate 53.80 per unit Actual Cost Information Cost of Material Purchased & Used 5429,000 Pounds of Material Purchased & Used 39,000 pounds Cost of Direct Labor 523,100 Hours of Direct Labor 4,200 hours Cost of Variable Overhead $17,750 Cost of Fixed Overhead 524,200 Actual Volume of Production 10,400 unitsCompute the following variances. Indicate whether each variance is favorable (F) or unfavorable (U) a. Materials price variance: $ $39,000 (F)_ Actual Quantity Used x (Standard Price - Actual Price) 39,000 x ($12 - $11) = $39,000 b. Materials quantity variance: $. Standard Price x (Standard Quantity - Actual Quantity) $12 x (7-39,000) = C. Labor rate variance: $. 6,300 (F)_ Actual Labor Hours x (Standard Rate - Actual Rate) 4,200 x ($7 - $5.5) = $6,300 d. Labor efficiency variance: $_ 12,600 (F)_ Standard Hourly Rate x (Standard Hours - Actual Hours) $7 x (6,000 - 4,200) e. Overhead spending variance: $. Actual Overhead Incurred - (Standard fixed costs + Standard variable costs) Type equation here. f. Overhead volume variance: $ Standard overhead rate per unit x (Actual units produced - Standard production units) Type equation here