In the current year, JavaWare Company produced 85,000 and sold 75,000 Coffee Makers at a selling price of $40.00 each. All manufacturing overhead is allocated on the basis of machine hours. The standard variable costs per Coffee Maker were: Direct Materials: 4 kg x $2.00 per kg Direct Labour: 0.5 hours x $18.00 X per hour Variable Overhead: 1.5 Machine Hours x $4.00 per machine hour Information regarding fixed overhead includes the following: Budgeted Fixed Overhead: $600,000 Total Denominator Used: Budgeted Machine Hours Budgeted Production Volume: 80,000 units REQUIRED: Calculate the budgeted allocation rate for Fixed Manufacturing Overhead. Calculate these variances: Direct Material Price and Efficiency, Direct Labour Price (Rate) and Efficiency, Variable Overhead Spending and Efficiency, and Fixed Overhead Spending and Production Volume Variances. JavaWare Company isolates direct material price variances at the time materials are purchased. Give a one-sentence interpretation (or explanation) for each of the eight variances listed in requirement #2. 15.o