Acme Corp. produces a single product deluxe tables The standard cost card for the product is as follows:

Direct materials 12 board feet of high-grade cherry wood @ $5.00 a foot $ 60.00

Direct labor, 22 direct labor hours @ $15 per direct labor hour 330.00

Variable overhead, 22 direct labor hours @ $3.00 per direct labor hour 66.00

Fixed overhead, 22 direct labor hours @ $5.00 per direct labor hour 110.00

Standard cost per unit $566.00

The following additional information is available for the year just completed:

a. Acme manufactured 1,000 units of product during the year.

b. A total of 13,009 board feet of wood was purchased during the year at a cost of $4.85 a foot. All of this wood was used to manufacture the 1,000 tables. There was no beginning or ending inventories for the year.

c. The company worked 21,900 direct labor hours during the year at a cost of $15.25 per hour.

d. Overhead cost is applied to tables on the basis of standard direct labor hours. Data relating to manufacturing overhead costs were as follows:

Denominator activity level (direct labor hours) 21,500

Budgeted fixed overhead costs $110,000

Actual fixed overhead costs $104,000

Actual variable overhead costs $ 73,000

1. Compute the direct materials price and quantity variances for the year.

2. Compute the direct labor rate and efficiency variances for the year.

3. For manufacturing overhead, compute the following:

a. The variable overhead rate and efficiency variance for the year.

b. The fixed overhead budget and volume variances for the year.

4. Total the variances computed. Was the total of the variances favorable or unfavorable?