Muhsin Company is a leading manufacturer of ladies hats. The company has set the following standards for one unit of its best-selling product, the Glowing Ladies' Hat: Direct material, 3.2 ounces at $1.25 per ounce $4.00 Direct labor, 0.5 hour at $8.50 per hour 4.25 Overhead 2.50 Total $10.75 At the beginning of 2019, Muhsin projected production of 250,000 Glowing Ladies' Hat during the year. Annual fixed overhead is $125,000, and the standard for variable overhead is $2.00 per unit. The following information summarizes the results of operations in 2019: Actual production was 300,000 Glowing Ladies' Hat. Purchased 1,000,000 ounces of material at a total cost of $1,200,000. Used 880,000 ounces of material in production. Employees worked 130,000 hours at a total cost of $1,098,500. Actual overhead incurred was $600,000. Required: Prepare a summary of the variances. Indicate which variances are favorable and which are unfavorable