Cornell Industries is a manufacturing company that produces a single product known as "Black Hole Sun'' telescopes. In analyzing production results, standard costs are used, and are as follows: Budgeted factory overhead for standard hours allowed for April 2017 production is $30,000. Cost. applicable April 2017 production are as follows: Calculate the following variances (as either favorable or unfavorable): Materials price variance Materials usage variance Labor rate variance Labor efficiency variance Factory overhead volume variance Factory overhead budget variance