Leak 8: Leak Containers makes 300 gallon plastic water tanks for a variety of commercial uses. The standard per unit material, labor, and overhead cost are as follows: Direct material: 80 pounds @ 92 9160 Direct labor: 1.25 hours @ 16 per hour 20 Variable overhead: 30 minutes of machine time @ 950 per hour 25 Fixed overhead: 30 minutes of machine time @ 940 per hour 20 The overhead application rates were developed using a practical capacity of 6,000 units per year. Production is assumed to occur evenly throughout the year. During May 2018, the Company produced 525 tanks. Actual data for May 2018 are as follows: Direct material purchased: 46,000 pounds @ F192 per pound Direct material used: 43,050 pounds [all from May's purchases} Total labor cost: 910,988.25 for 682.5 hours Variable overhead incurred: 013,770 for 270 hours of machine time Fixed overhead incurred: 910,600 for 270 hours of machine time Required: Calculate the following: 1. Material price variance based on purchases 2. Material quantity variance 3. Labor rate variance 4. Labor efficiency variance 5. Variable overhead spending and efficiency variance 6. Fixed overhead spending and volume variance 7. Overhead variances using a threevariance approach 8. Overhead variances using a twovariance approach 9. Overhead variance using a onevariance approach