Ice Box Gourmet, Inc., produces containers of frozen food. During April, The company produced 755 cases of food and incurred the following actual costs. Variable overhead Fixed overhead Actual labor cost (4,500 direct-labor hours) Actual material cost (16,000 pounds purchased and used) $ 6,300 12,800 76,050 51,200 Overhead is budgeted and applied using direct-labor hours. Standard cost and annual budget information are as follows: Standard Costs per Case Direct labor (5 hours at $16) Direct material (20 pounds at $2.80) Variable overhead (5 hours at $1.90) Fixed overhead (5 hours at $3) $ 80.00 56.00 9.50 15.00 Total $160.50 Annual Budget Information Variable overhead $ 95,000 Fixed overhead $150,000 en direct-labor Planned activity for year 50,000 Whours Required: 1. Compute the following cost variances from the available data. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance). Do not round intermediate calculations. Round "Variable-overhead efficiency variance" to 2 decimal places.) Favorable Direct-material price variance Direct-material purchase price variance Direct-material quantity variance Direct-labor rate variance Direct-labor efficiency variance Variable-overhead spending variance Variable-overhead efficiency variance Fixed-overhead budget variance Fixed-overhead volume variance None Unfavorable