Livingston Corporation recently implemented a standard cost system. The company's cost accountant has provided the following data to perform a variance analysis for May: (Total of 8 extra credit point value -1 point each for correct answers to a through d, 2 points each for correct answers to e and f). $15 per pound 6 pounds per unit Standard Cost Information Direct Material Standard Price Standard Quantity Allowed Per Unit Direct Labor Standard Rate Standard Hours Allowed Per Unit Fixed Overhead Budgeted Normal Level of Production $18 per hour 2.4 hours per unit $144,000 per month 6,000 units per month $26.00 per hour Variable Overhead Application Rate Fixed Overhead Application Rate ($144,000/14,400 hours) Total Overhead Application Rate $10.00 per hour $36.00 per hour $485,925 34,100 pounds Actual Cost Information: Cost of Material Purchased & Used Pounds of Material Purchased & Used Cost of Direct Labor Hours of Direct Labor Cost of Variable Overhead Cost of Fixed Overhead Actual Volume of Production $275,000 13,750 hours $316,250 $ 165,000 5,500 units Compute the following variances. Indicate whether each variance is favorable (F) or un vorable (U): (a) Materials price variance: $ (b) Materials quantity variance: $. (c) Labor rate variance: $. (d) Labor efficiency variance: $ (e) Overhead spending variance: $ (f) Overhead volume variance: $