5.) Babylon Corporation manufactures luxury sofa sets and uses a standard cost system. It allocates overhead costs based on quantity of direct materials. The company's performance report for January includes the following selected data. Explanations Static Budget Actual (300 sofa sets) Production (280 sofa sets) $ 500,000 $532,000 Sales Revenue 300 x $2000 280 x $1900 Variable manufacturing costs: Direct Materials 62,100 56,079 Direct Labor 79,200 9,000 meters x $6.90 8,370 meters x $6.70 9,900 hrs x $ 8.00 9,180 hrs x $ 7.80 9,000 meters x $ 3.00 8,370 meters x $ 3.40 71,604 Variable Manufacturing Ovh 27,000 28,458 Fixed manufacturing costs: Fixed Manufacturing Ovh. 90,000 90,000 Compute total, price and quantity (efficiency) variances for direct materials and direct labor and total, controllable and volume variances for manufacturing overhead