Material, Labor, and Variable Overhead Variances The following sumn produced. Normal monthly capacity is 1,100 direct labor hours. Standard Units Costs Total Actual Costs Direct material Standard (3 lb. @ $2.00/1b.) $6 Actual (6,400 lb. @ $2.20/b.) $14,080 Direct labor Standard (0.5 hr. @ $14/hr.) Actual (950 hrs. @ $13.70/hr.) $7 13,015 Variable overhead Standard (0.5 hr. @ $4/hr.) $2 Actual 4,300 Total $15 $31,395 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance ar Materials Variances Actual cost: $ 0 0 Split cost: $ Standard cost $ Materials price $ Materials efficiency $ OOO Labor Variances Actual cost 0 Split cost 0 journal 5 (2).pdf journal 5 (1).pdf