During the current quarter. the company operated at 90% of capacity and produced 50,400 units of product; actual direct labor totaled 299,400 hours. Units produced were assigned the following standard costs. Direct materials (1,512,666 Ibs. @ $5.16 per II] :I 5 ?,T11,2@El Direct labor [382,499 hrs. @ $15 per hr.) 4,536,996 Factory overhead [382,496 hrs. @ $18 per hr.) 5.443.233 Total standard cost $1?,BQB,ADD Actual costs incurred during the current quarter follow. Direct materials [1,499,333 Ihs. @ $5.33 per 1h.) $ 9,443,?33 Direct labor [299,488 hrs. 9 $12.58 per hr.) 3,?42,5@G Fixed factory overhead costs 2,6D4,?@@ Variable factory overhead costs 2,438,588 Total actual costs $13,229,433 Required: 1. Compute the direct materials cost variance, including its price and quantity variances. A0 = Actual Quantity 50 = Standard Quantity AP 2 Actual Price 5P = Standard Price 2. Compute the direct labor cost variance, including its rate and efficiency variances. AH = Actual Hours 5H = Standard Hours AR = Actual Rate 5R 2 Standard Rate Controllable Variance Actual overhead Budgeted overhead Controllable varianceFixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance