Attempt in Progress Concord Manufacturing, which produces a single product, has prepared the following standard cost sheet for one unit of the product $12 Direct materials (6 pounds at $2 per pound) Direct labor (2 hours at $12 per hour) $24 During the month of April, the company manufactures 480 units and incurs the following actual costs. $6,842 Direct materials purchased and used (3,110 pounds) Direct labor (990 hours) $11,385 Compute the total price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable Compute the total price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable. Materials Labor Total Variance $ $ $ Price Variance $ $ > Quantity Variance $ Ayayai Company produces one product, a putter called PAR-putter. Ayayai uses a standard cost system and determines that it should take one hour of direct labor to produce one PAR putter. The normal production capacity for the putter is 100,000 units per year. The total budgeted overhead at normal capacity is $546,000 comprised of $223,000 of variable costs and $323,000 of fixed costs. Ayayai applies overhead on the basis of direct labor hours. During the current year, the company produced 87,300 putters, paid employees for 89,100 direct labor hours, and incurred variable overhead costs of $195,000 and fixed over head costs of $323,000. Compute the predetermined variable overhead rate and the predetermined fixed overhead rate. (Round answer to 2 decimal places, eg. 52.75.) Variable Overhead Rate $ Fixed Overhead Rate 5 Compute the applied overhead for Ayayai for the year. Applied Overhead $ Compute the total overhead variance. Identify whether the variance is favorable or unfavorable. Total Overhead Variance $