Given the following information based on budgeted production of 12,000 units: Standard rnst. The firm keeps all inventory accounts (raw materials, work-in-process and finished goods) at standard costs and/or prices. Thus all variances are recorded in journal entries at the time incurred. Required: 1. Calculate the direct materials price variance, assuming this variance is calculated at the time of purchase. 2. Calculate the direct materials quantity variance. 3. Calculate the direct labor rate and efficiency variances. 4. Calculate the variable overhead "rate" or "spending" variance and the variable overhead efficiency variance. 5. Calculate the fixed overhead budget and volume variances