Comprehensive Variance Analysis [L08-4, L08-5,L08-6 Naciones Corporation makes a product with the following standard costs Standards: Standard Standard Price or Quantity or Hours Rate Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Total 9.2 pounds 0.3 hours 0.3 hours $ 3.00 per pound S 17.00 per hour $3.00 per hour 5 23.00 The company reported the following results concerning this product in April Actuals: Actual output Raw materials used in production Purchases of raw materials Actual Direct labor-hours Actual cost of raw material purchases Actual direct labor cost Actual varible overhead cost 8,800 units 78,150 pounds 85,900 pounds 2,560 hours 240,520 39,424 6,912 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. equirements: Complete a full variance anaylsis for this company: 1 a) otal Material Varianc 1 b) Calculate the Labor Variances: Rate Variance, Efficiency Variance and Total Labor Variance. Be sure to state if each variance is favorable or unfavorable. 1 c) Calculate the Variable Overhead Variances: Spending Variance, Efficiency Variance and Total Variable Overhead Variance. Be sure to state if each variance is favorable or unfavorable