Goldilock Inc. produces safe deposit boxes. During February 20X2, the company produces 1,050 units of product and incurred the following actual costs. Variable overhead Actual labor cost (3,000 direct-labor hours) Actual material cost (2,200 Ibs of metal purchased and used) $48.000 70,500 50.600 One unit of safe deposit box is planned to use 2 lbs of metal and consume 3 direct-labor hours. Overhead is budgeted and applied using direct labor hour. Standard cost information are as follows: Standard costs per safe deposit box Direct labor Direct material Variable overhead $75 42 45 Required: 1. Calculate price and efficiency variance for direct material. (5%) 2. Calculate price and efficiency variance for direct labor. (5%) 3. Calculate spending and efficiency variance for variable overhead. (5%) 4. Provide possible explanation on the result! (5%)