ABC Company produces a number of products, including a small coat for dogs. The firm, which began operations at the beginning of the current year, uses a standard cost system. The standard costs for one coat are provided below:

Direct material (0.5 yd. @ $2.00) $ 1.00

Direct labor (1 hr. @ $15.00) 15.00

Variable overhead (1 hr. @ $2.00) 2.00 Fixed overhead (1 hr. @ $1.00) 1.00

Total: $ 19.00

The $1.00 fixed overhead rate is based on total budgeted fixed overhead costs of $34,000. There were no changes in any inventory accounts during the period. The company produced and sold 70,000 units at the following costs:

Direct materials (36,000 yds.) $ 70,000

Direct labor (40,000 hrs.) 750,000

Variable factory overhead 69,000

Fixed factory overhead 30,000

Required: 1) Compute and label as Favorable (F) or Unfavorable (U) the following flexible budget variances: a) Direct materials price variance b) Direct materials usage variance c) Direct labor price variance d) Direct labor usage variance