Babylon Corporation manufactures luxury sofa sets and uses a standard cost system. It allocates overhead costs based on quantity of direct materials. The company's performance report for January includes the following selected data. Sales Revenue Static Budget (300 sofa sets) $ 600,000 Variable manufacturing costs: Direct Materials 62,100 Direct Labor 79,200 Variable Manufacturing Ovih 27,000 Fixed manufacturing costs: Fixed Manufacturing Ovh. 90,000 Actual Production (280 sofa sets) $532,000 56,079 71,604 28,458 90,000 Explanations 300 x $2000 280 x $1900 9.000 meters x 56.90 8.370 meters x $6.70 9,900 hrs x $ 8.00 9.180 hrs x $ 7.80 9,000 meters x $ 3.00 8,370 meters x $3.40