Jorgenson Corporation has developed the following standards for production of its product: Direct Materials (5 lbs per unit @ $6.00 per lb) $ 30 Direct Labor (12 dl hrs per unit @ $15 per dl hr) $ 180 Variable Overhead (6 machine hrs per unit @ $4 per mach hr) $ 24 Fixed Overhead (6 machine hrs per unit @ $7 per mach hr*) $ 42 Total Standard Cost of one Finished Unit 276 (*the fixed overhead rate was based on a budgeted production level of 5,500 units) The following information is available for the year 2020: Actual production for the period was 6,000 units. 35,000 pounds of direct materials were purchased on account for $6.10 per pound. 28,000 pounds of direct materials were used in production. 74,000 direct labor hours were used and the actual labor rate paid was $15.50 per direct labor hour. The total actual variable overhead costs were $140,000 and the total actual fixed overhead costs were $260,000. 37,000 machine hours were used. REQUIRED: Compute the eight production variances--be sure to label each variance and indicate whether the variance is favorable or unfavorable