Hanson Company developed the following standard costs for its product for 2017:

Standard Cost Card

Unit Standard Cost

Direct materials (5 pounds @ $4 per pound) $20

Direct labor (4 hours @ $8 per hour) 32

Manufacturing overhead

Variable (4 hours @ $4 per hour) 16

Fixed (4 hours @ $3 per hour) 12

$80

The company planned to work 100,000 direct labor hours and produce 25,000 units of product in 2017.

Actual results for 2017 are as follows:

1. 24,000 units of product were produced.
2. Actual direct materials purchased and used during the year amounted to 122,000 pounds at a cost of $475,800.
3. Actual direct labor costs were $779,000 for 95,000 direct labor hours worked.
4. Total actual manufacturing overhead incurred amounted to $685,000.

Instructions: Calculate the following variances showing all computations supporting your answers. Indicate if the variances are favorable (F) or unfavorable (U).

1. Direct materials price and direct material quantity variances.

2. Direct labor price and direct labor quantity variances.

3. Overhead controllable and overhead volume variances.