e Problem 22-004 The following information is for the standard and actual costs for the Happy Corporation. Enter favorable variances as negative numbers. Budgeted units of production-16,000 (80% of capacity) Standard labor hours per unit 4 Standard labor rate $26 per hour Standard material per unit - 8 lbs. Standard material cost- $12 per pound Standard variable overhead rate $15 per labor hour Budgeted fixed overhead-$640,000 Fixed overhead rate is based on budgeted labor hours at 80% capacity. Actual Cost Actual production 16,500 units Actual material purchased and used 130,000 pounds Actual total material cost- $1,600,000 Actual labor 65,000 hours Actual total labor costs $1,700,000 Actual variable overhead $1,000,000 Actual fixed overhead $640,000 Actual variable overhead $1,000,000 a. Determine the following