Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Thomas Corporation's April 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 (2 lb. @ $14.00/lb.) $28 $ Actual (4,200 lb. @ $14.80/lb.) $62.160 Direct labor Standard (0.5 hr. @ $29/hr.) $14.50 Actual (950 hrs. @ $28/hr.) 26,600 Variable overhead Standard (0.5 hr. @ $11/hr.) $5.50 Actual 11,450 Total $48 $ $100,210 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: $ 62,160 Split cost: $ $ 58,800 Standard cost: $ 56,000 Materials price $ 3,360U Materials efficiency $ 2,800U Labor Variances 26,600 27,550 Actual cost: $ Split cost: $ Standard cost: $ Labor rate $ Labor efficiency $ X X F X F Variable Overhead Variances Actual cost: $ 11,450 Split cost: $ X Standard cost: $ X Variable overhead spending $ XU Variable overhead efficiency $ XF