Material Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Klosse Corporation's May operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Standard Units Costs Total Actual Costs Direct material Standard (ib. 32.00/16) 56 Actual 16,200 16.0 2.2016.) $12.640 Direct labor Standard (05143 17 Actual 980 hrs. 51.70/h) 11426 Variable overhead Standard (Sh. 54/ 12 Actual 4.200 Total $15 181.166 Assume that the 6,200 lb. of materials purchased were all used in producing the 2,000 completed units, Determine the materials price and efficiency variances, labor rate and efficiency variances and variable overhead spending and efficiency variances. Do not use negative signs with any of your answers. Next to each variance answer, select either "Pfor Favorable or U" for Unfavorable Materials Variances Actual cost Salto Standard cost 12,000 Materials price 5 U Material efficiency U $ HA Materials Variances Actual cost: $ Split cost: $ Standard cost: 12,000 Materials price $ U Materials efficiency $ U $ $ LA Labor Variances Actual cost: Split cost: $ Standard cost: $ 14,000 Labor rate $ F Labor efficiency $ F - - Variable Overhead Variances Actual cost: $ Split cost: Standard cost: $ 4,000 Variable overhead spending $ U Variable overhead efficiency $ $ $ F