At the beginning of 2023, Balser Company adopted the following standards for the production of a patented piece of exercise equipment that allows users to exercise while sleeping. Direct materials 4 1b. @ $5.25/1b. Direct labor 2 hr. @ $9/hr. Factory overhead: Variable OH rate $2/DL hour Total Fixed OH $180,000 Balser estimates that it uses 30,000 direct labor hours each year. As part of the absorption costing system, Balser allocates fixed overhead based on direct labor hours. There are no beginning inventory balances in the raw materials, WIP, or finished goods inventory accounts on January 1, 2023. For the year ended December 31, 2023, Balser produced and sold 14,300 units. Balser's records show the following actual information for the year ended December 31, 2023: Direct materials purchased and used 62,000 lbs. (@ $5/1b. Direct labor cost incurred 28,000 hrs. @ $9.50/hr. Variable overhead $62.000 Fixed overhead $178,000 Required: For this problem, calculate the following four variances in the space indicated on the next two pages. Direct materials price variance Direct materials efficiency variance Fixed overhead production volume variance Fixed overhead spending variance o S Iy g Variance Analysis. (continued) (circle one) Direct materials price variance = F or U Supporting calculations: (circle one) Direct materials efficiency variance = F or U Supporting calculations: Variance Analysis. (continued) (circle one) Fixed overhead production volume variance = F or U Supporting calculations: (circle one) Fixed overhead spending variance = F or U Supporting calculations