calculate the production cost variances and indicate whether they are favorable or unfavorable. Please show work

RampUp Storage Containers produces a 1,000-cubic-foot metal storage unit that is used by storage companies and other businesses needing low-cost, mobile storage units. The units sell for $3,000 per unit. The company uses a standard costing system. At the start of 2020, standard costs were set as follows: Standard cost per unit: Material cost (six prefabricated metal sheets x $200) Direct labor (10 hours x $20) Overhead ($500 per unit) Total $1,200 200 500 $1,900 The overhead rate was calculated as follows: At the start of 2020, the company estimated that it would produce and sell 5,000 units and incur $500,000 of variable overhead costs and $2,000,000 of fixed overhead costs: Varia ble overhead Fixed overhead Total Divided by estimated production Overhead cost per unit $500,000 5,000 $500 Based on estimated sales, standard costs, and other information, the following budget was prepared: 2020 Budget (Expected Production and Sales of 5,000 Units) Sales Cost of sales Gross profit Selling, general, and administrative expense Income from operations During 2020, the company received an unexpected large order (1,000 units) from a national storage company. The result was a substantial increase in the number of units produced and sold (6,000 units in total). Of the 6,000 units, 5,000 were sold at the standard price of $3,000 per unit, The 1,000 units sold to the national storage company were sold at $2,800 per unit. To produce the 6,000 units, the company incurred the following production costs: Material purchased and used (36,200 metal sheets x $200) Direct labor (62,000 hours x $21) Variable overhead Fixed overhead Total actual production costs 594,000 $11,616,000