Dresco, Incorporated is analyzing its most current results against the budget.

Here is the standard cost information:

Standard Cost per Direct Material/HourStandard Quantity/Hours per UnitStandard Cost per UnitDirect Materials$ 7.502.5$ 18.75Direct Labor$ 19.002$ 38.00Variable Overhead$ 6.502$ 13.00

Planned production (units) 10,000

Actual cost information is below:

Units Produced9,500Materials Purchased and Used27,500Cost of Direct Materials$ 181,000Direct Labor Hours18,500Direct Labor Cost$ 406,000Variable Overhead Cost$ 115,000Fixed Overhead Cost$ 325,000

Required:

Calculate the Materials Price, Quantity, and Spending Variance.

Calculate the Direct Labor Rate, Efficiency, and Spending Variance.

Calculate the Variable Overhead Rate, Efficiency, and Spending Variance.

Please provide exact answers.

Thanks,

Hint:USe the ABS function to calculate amounts and use an IFU condition to determine the favorability of the variances