Martell Company produces and sells a single product. A standard cost card for the product follows:

Direct materials: 2 feet at $9.50 per foot	$19.00
Direct labor: 1.5 hours at $8.00 per hour	12.00
Variable overhead: 1.5 hours at $2.50 per hour	3.75
Fixed overhead: 1.5 hours at $6.00 per hour .	9.00
Standard cost per unit	$43.75

The following information is available for the year just ended:

The company manufactured and sold 30,000 units of product during the year.

A total of 62,000 feet of material were purchased during the year at a cost of $8.90 per foot. 58,000 feet of this material was used to manufacture the 30,000 units. There was no beginning or ending inventories for the year.

The company worked 47,000 direct labor hours during the year at a cost of $8.20 per hour.

Overhead is applied to products on a basis of direct labor hours. Data relating to overhead costs follow:

Budgeted fixed overhead costs$215,000 Actual variable overhead incurred110,000

Actual fixed overhead incurred211,000

REQUIRED: (show work)

Compute the direct material price and quantity variances, the direct labor rate and efficiency variance, the variable overhead spending and efficiency variances and the fixed overhead budget and volume variances.

Prepare the journal entries for direct material and direct labor costs and their variances