Exercise 16-49 (Algo) Comprehensive Cost Variance Analysis (LO 16-5, 6) NSF Lube is a fast-growing chain of oil-change stores. The following data are available for last year's services. NSF Lube performed 472,700 oil changes last year. It had budgeted 433,000 oil changes, averaging 11 minutes each. Standard variable labor and support costs per oil change were as follows. Direct oil specialist services: 11 minutes at $30 per hour Variable support staff and overhead: 7.5 minutes at $20 per hour $5.50 2.50 Fixed overhead costs: Annual budget $1,037,000 Fixed overhead is applied at the rate of $2.40 per oil change. Actual oil change costs: Direct oil specialist services: 472,700 changes averaging 18 minutes Variable support staff and overhead: 0.15 labor-hours at $19 per hour Fixed overhead Required: a. Prepare a cost variance analysis for each variable cost for last year. b. Prepare a fixed overhead cost variance analysis. at $31 per hour 472,700 changes $4,396,110 1,347,195 1,275,000