9. (14 points) Picasso Company manufactures blenders. It has developed the following per unit standard costs for 2018 for each blender: Manufacturing Overhead Direct Materials DirectLabor Standard Quantity 2 Pounds (steel) Standard Price Unit Standard Cost 1/2 hour $6.00 $3.00 1/2 hour $5.00 $10.00 $12.00 $6.00 In 2018, the company planned to produce 80,000 blenders at a level of 40,000 hours of direct labor Actual results for 2018 are presented below: 1. Direct materials purchases were 154,000 pounds of steel which cost $739,200. All of the materials were used in production 2. Direct labor costs were $478,975 for 39,100 direct labor hours actually worked. 3. Total manufacturing overhead was $235,000 4. Actual production was 75, 000 blenders. Instructions Calculate the following variances for 2018 for Picasso. (a) Total materials variance (b) Materials price variance (c) Materials quantity variance (d) Total labor variance (e) Labor price variance (f) Labor quantity variance (g) Total overhead variance