Irvin also found the standard cost card for a case of product. Standard Price Standard Quantity Standard Cost Direct materials Direct labor $11.50 per pound 5 pounds $57.50 $11.20 per DLH 2.5 DLH 28.00 Variable overhead $4.50 per MH 5 MH 22.50 Fixed overhead $2.50 per MH 5 MH 12.50 Total standard cost per case $120.50 1. Calculate and analyze the variances for direct materials, direct labor, variable overhead and fixed overhead. 2. Based on your analysis, do you think Lexi did a good job of controlling production expenses during the month? Why or why not? Actual Quantity Actual Quantity Standard Quantity x x x Actual Price Standard Price Standard Price Price Variance (AQXAP)-(AQx SP) = AQ Actual Quantity AP = Actual Price I Price Variance = AQ * (AP-SP) What you actually bought X the Difference in $$ Quantity Variance (AQx SP)-(SQx SP) SP Standard Price SQ Standard Quantity Quantity Variance = SP (AQ-SQ) The difference in what you actually used at the Standard $$ Effect of $ paid Effect of units used Materials price variance Labor rate variance VOH spending variance Materials quantity variance Labor efficiency variance VOH efficiency variance