Maxwell Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials-1 pound plastic at $7.00 per pound $ 7.00 Direct labor-1.6 hours at $12.00 per hour 19.20 Variable manufacturing overhead 12.00 Fixed manufacturing overhead 4.00 Total standard cost per unit $42.40 The predetermined manufacturing overhead rate is $10 per direct labor hour ($16.00 + 1.6). It was computed from a master manufacturing overhead budget based on normal production of 8,000 direct labor hours (5,000 units) for the month. The master budget showed total variable costs of $60,000 ($7.50 per hour) and total fixed overhead costs of $20,000 ($2.50 per hour). Actual costs for October in producing 4,800 units were as follows. The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Required: 1. Do as detailed of an analysis of variances as the data will permit. Provide an explanation of the underlying cause for each of the variances Maxwell Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials-1 pound plastic at $7.00 per pound $ 7.00 Direct labor-1.6 hours at $12.00 per hour 19.20 Variable manufacturing overhead 12.00 Fixed manufacturing overhead 4.00 Total standard cost per unit $42.40 The predetermined manufacturing overhead rate is $10 per direct labor hour ($16.00 + 1.6). It was computed from a master manufacturing overhead budget based on normal production of 8,000 direct labor hours (5,000 units) for the month. The master budget showed total variable costs of $60,000 ($7.50 per hour) and total fixed overhead costs of $20,000 ($2.50 per hour). Actual costs for October in producing 4,800 units were as follows. The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Required: 1. Do as detailed of an analysis of variances as the data will permit. Provide an explanation of the underlying cause for each of the variances