Direct Materials Cost Variance Calculating Direct Materials Cost Variance, you can see that the actual costs are higher are combined for a total favorable direct material cost variance of $ Direct Labor Cost Variance Calculating Direct Labor Cost Variance, you can see that the actual costs are higher direct labor cost variance of $ favorable Feedback > Check My Work The standard cost sheet for a product is shown. Standard Cost Manufacturing Costs Direct materials Standard price $4.40 per pound Standard Quantity 6.20 pounds per unit Direct labor $12.17 per hour 2.30 hours $27.28 $ 27.99 Overhead $2.10 per hour 2.30 hours $ 4.83 $ 60.10 than standard and the actual quantity purchased and used is less than standard. The two variances than standard and the actual hours are less than standard. The two variances are combined for a total The company produced 3,000 units that required: 19,100 pounds of material purchased at $4.25 per pound 6,810 hours of labor at an hourly rate of $12.57 per hour Actual overhead in the period was $14,920 Fill in the Budget Performance Report for the period. Some amounts are provided. Round your answers to the nearest dollar. However, do not round your intermediate calculations. Budget Performance Report Manufacturing Costs: 3,000 units Direct materials Direct labor Overhead Variance Actual Costs Standard Costs (Favorable)/ Unfavorable $81,175 83,973 14,920 $1,394