Case 23.5 Martin Racing Company gathered the following actual results for the current month: Actual amounts: Units produced Direct materials purchased and used (5,400 lbs.) Direct labor cost (4,600 hours) Manufacturing overhead costs incurred 3,000 $21,600 $36,800 $17,650 Budgeted production and standard costs were: Budgeted production Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead 3,500 units 2 lbs./unit at $4.25/lb. 1.5 hrs./unit at $7.50/hr. $5 per unit $21,000 47) Refer to Case 23,5. What is the direct materials price variance? A) $2,400 F B) $2,400 U C) $1,350 F 47) D) $1,350 U 48) Refer to Case 23.5. What is the direct materials efficiency variance? A) $1,050 unfavorable B) $3,900 favorable C) $1,500 unfavorable D) $2,550 favorable 49) Refer to Case 23.5. What is the direct labor price variance? A) $2,300 unfavorable B) $2,250 unfavorable C) $1,500 favorable D) $3,050 favorable 50) 50) Refer to Case 23.5. What is the direct labor efficiency variance? A) $750 U B) $2,250 U C) $2,250 F D) $750 F