EXERCISE 24.2 Relationships among Standard Costs, Actual Costs, and Cost Variances Variances Standard Cost Unfavorable Favorable Direct materials S 85,000 Price variance $5,000 Quantity variance $3,000 Direct labor 150,000 Rate variance 2,700 Efficiency variance 6,200 Manufacturing overhead 300,000 Spending variance 4,000 Volume variance 5,000 Determine the actual costs incurred during the month of May for direct materials, direct labor, and manufacturing overhead