he standard cost sheet for one of VT Ltd.'s products is as follows:

Direct materials (4 metres $6)

$24

Direct labour (1 hour $12)

12

Variable overhead (1 hour $5)

5

Fixed overhead (1 hour $3*)

3

Standard unit cost

$44

* Rate based on expected activity of 12,000 hours.

The following results for last year were recorded:

Production (in units)

10,000

Direct materials cost (39,000 metres purchased and used)

$241,800

Direct labour cost (10,500 hours)

131,250

Variable overhead cost

48,000

Fixed overhead cost

40,000

Calculate the following variances:

• Direct materials price

• Direct materials quantity
• Direct labour rate

• Direct labour efficiency
• Variable overhead spending