Henry Company has established the following standards for the costs of one unit of its product. The standard production overhead costs per unit are based on direct-labor hours. Calculation for standard per unit cost is as follows: Sid Cost Std Qty Sid Price Rate Direct Material 14.40 6.00 kg S 2.40 perky Direct Labor 3.00 0.40 hour $ 7.50 per hour Variable Overhead 4.00 0.40 hour $ 10 00 per hour Fixed Overhead* 4.80 0.40 hour $ 12 00 per hour Total 26.20 "based on practical capacity of 2,500 direct-labor hour per month During December 2020, Henry purchased 30,000 ky of direct material at a total cost of $75,000. The total wages for December were $20,000, 75% of which were for direct labor. Henry manufactured 4,500 units of product during December 2020, using 28,000kg of the direct material purchased in December and 2,100 direct-labor hours. Actual variable and fixed overhead cost were $23,100 and $25,000, respectively. The scheduled production for the mouth was 5,000 units. Required: Calculate the following variances for December 2020, indicate whether each is favorable or unfavorable, and provide brief explanation of possible reasons for the related variances 1. The direct-material price variance 2. The direct-material usage variance The direct-material purchase price variance 4. The direct-labor rate variance 5. The direct-labor efficiency variance 6. The Variable Overhead spending variance The Variable Overhead efficiency variance 8. The Fixed Overhead spending variance The Fixed Overhead volume variance