HANDOUT PROBLEM 10 Problem (10 points). Traynor Manufacturing Company uses a standard cost system in its accounting roconds The sandard costs and quanities for its one peodact are as follows STANDARD COSTS AND QUANTITIES FOR PRODUCTION OF A PRODUCT Direct Labor 2 ours at S10 50 2 hours 5 3.00 hours at 510.00 Overhca xed Manuf Normal capacity, which is used to calculate manufacturing overhead rates, is 2,000 direct labor hours per mon Drect materials, work in cess, and finished goods are rccordein mvenkry at standard cost. The following inboemation sclates to actual production for last month TRAYNOR MANUFACTURING COMPANY Direct Materials Purchased and Used 10,000 killograms atS 195 1,740 hours at S11 5 5.500 Direct Labor REQUIR D: Determine the following manufacturing cost variances for the copany for last month Round all answers to the nearest whole dollar (1) Direct materials price variance (2) Direct materials quantity variance 3) Direct labor price (rate) variance. 4) Direct labor quantity (efficicncy) variance (5) Variable manufacturing overhcad spending variance