Gold Company uses a standard cost system. The standard cost sheet for its product is given below:

Cost Per Unit

Direct Materials2.5 lbs @ $ 4.00 $10.00

Direct Labor.7 hrs @ $10.507.35

Variable Overhead.7 hrs @ $ 6.00 4.20

Fixed Overhead.7 hrs @ $ 3.00 2.10

Standard Per Unit Cost 23.65

During the year, Gold experienced the following activity:

1. Production totaled 50,000 units.
2. The company used 36,500 direct labor hours at a total cost of $392,375.
3. Actual variable overhead cost totaled $213,000.
4. Actual fixed overhead cost totaled $95,000.
5. Budgeted capacity is 45,000 units per year.
6. The company purchased and used 120,000 pounds of materials at a total cost of $456,000.

REQUIRED: Computeall materials, labor and overheadvariances and indicate whether they are favorable (F) or unfavorable (U).