a) Price variance = (actual price - standard price) times quantity bought b) Wage rate variance = (Actual wage rate - standard wage rate) times actual hours d) Quantity variance = (actual quantity used in production - standard quantity used in production) times the standard price e) Labor efficiency variance = (actual hours standard hours) times standard wage TOTAL VARIANCES Plastic tubing Fabric Padding Direct labor TOTAL. \begin{tabular}{|c|c|} \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} Alpha Division Taxes: Full Cost Variable Cost Transfer Price Less (subtract) Cost Taxable Income Taxes (or refund) \begin{tabular}{|} \hline \\ \hline 0 \\ \hline \\ \hline \end{tabular} Beta Division Taxes: Sales Price Less (subtract) Transfer Price Taxable Income Income Taxes Import Duty Taxes (or refund) Total Taxes Actual Costs Incurred for 500 Chairs Produced