D Question 36 21 The Chad Company produces and sells Bean Bag Chairs. Standards for the product follow . Direct materials, 8 yards at $2.00 per yard Direct labor, direct labor hour at $10 per direct labor hour . Variable overhead, direct labor hour at S2 per direct labor hour Fixed overhead, direct labor hour at $6 per direct labor hour Standards are based on 24,000 budgeted direct labor hours per year The company manufactured and sold 44,000 units of product during the year. A total of 360,000 yards of material was purchased and used during the year at a cost of $2.25 per yard The company worked 23,500 direct labor hours during the year at a rate of $8.10 per hour. Actual variable overhead costs were $45,000. Actual foxed overhead costs were $143,000 Compute the variances below, Indicate favorable variances with an F and unfavorable variances with a U. DO NOT PUT A SPACE BETWEEN THE NUMBERS AND THE F/U designation 1. Direct materials price variance 2. Direct materials quantity variance 3. Direct labor rate variance 4. Direct labor efficiency variance 5. Variable overhead spending variance 6. Variable overhead efficiency varaince 7. Fixed overhead spending variance