7. The 'Joy' Manufacturing Company's standard costing system has two direct cost categories: direct materials and direct labor. At the beginning of 2020, its first year of operations, "Joy" budgeted production of 100,000 units and adopted the following standards for its manufacturing costs: Direct Materials Direct Labor Variable OH 0.5 lbs/un at $20/lb $10/unit .75 hrs/un at $28/hr $21/unit S 8/lb x 0.5lbs $ 4/unit $12/lb x 0.5lbs Fixed OH Total The actual records for January, 2020, indicated the following: Actual Production Direct Materials Purchased Direct Materials Used Direct Labor Variable Manufacturing OH Fixed Manufacturing OH 95,000 units $ 6/unit $41/unit 50,000 lbs @ $22/lb 40,000 lbs 70,000 hrs for a total of $1,750,000 $400,000 $350,000 Prepare a complete analysis of 'Joy' Company's January results. This means all relevant variances should be computed and clearly labeled, including for each: the appropriate name of the variance, the amount of the variance, and an indication of favorable or unfavorable. You should have eight specific variances in all - 2 each for DM, DL, VMOH and FMOH. 8. Usin