Holicow Manufacturing manufactures widgets for distribution. The standard costs for the manufacture of widgets follow: Standard Costs Actual Costs Direct materials 3 lbs. per widget at 31,000 lbs. at $34 $35 per pound per pound Direct labor 2.5 hours per widget at $11 per hour 22,500 hours at $11.80 per hour Factory overhead Variable cost, $24/widget Fixed cost, $40/widget $241,500 variable cost $381,250 fixed cost Budgeted factory overhead was $640,000. Overhead applied is based on widgets produced. The company estimated that 10,000 widgets would be produced; however, only 9,600 were produced. Instructions Calculate the following amounts. 1. Rate at which total factory overhead is applied 2. Materials price variance 3. Total materials variance 4. Overhead volume variance 5. Overhead controllable variance