During July, Sketchy Eddie, The Cat, produced 1,450 cases of food frozen food for under privileged dogs who live in Siberia. He incurred the following actual costs. Variable overhead Fixed overhead Actual labor cost (8,000 direct-labor hours) Actual material cost (30,000 pounds purchased and used) $ 11,000 26,000 151,200 66,000 Overhead is budgeted and applied using direct-labor hours in a standard costing system. Standard cost and annual budget information are as follows: Standard Costs per Case Direct labor (5 hours at $18 per hour) Direct material (20 pounds at $2 per pound) Variable overhead (5 direct-labor hours at $1.50 per hour) Fixed overhead (5 direct-labor hours at $3 per hour) Total $ 90.00 40.00 7.50 15.00 $152.50 Annual Budget Information Variable overhead $150,000 Fixed overhead $300,000 Planned activity for year 100,000 direct-labor hours Required: Compute the following cost variances from the available data. 1. Material Price Variance (1 points) 2. Material Efficiency Variance (1 points) 3. Labor Rate Variance (1 points) 4. Labor Efficiency Variance (1 points) 5. Variable Overhead Spending Variance (2 points) 6. Variable Overhead Efficiency Variance (2 points) 7. Calculate the over/under applied VARIABLE overhead (from Chapter 4 theory). Compare to the "net" variable overhead variances. SPECIFICALLY, and in detail, what do you observe and what conclusion can you make? (4 points) 8. Fixed Overhead Spending Variance (2 points) 9. Volume Variance (2 points) 10. Calculate the over/under applied FIXED overhead (from Chapter 4 theory). Compare to the net fixed overhead variances. SPECIFICALLY, and in detail, what do you observe and what conclusion can you make? (4 points)