Problem 23-7A Costello Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials-2 pound plastic at $7.98 per pound Direct labor-2.50 hours at $12.00 per hour Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit The predetermined manufacturing overhead rate is $14 per direct labor hour ($35.00 2.50). It was computed from a master manufacturing overhead budget based on normal production of 14,500 direct labor hours (5,800 units) for the month. The master budget showed total variable costs of $87,000 ($6.00 per hour) and total fixed overhead costs of $116,000 ($8.00 per hour). Actual costs for October in producing 4,300 units were as follows. Direct materials (8,800 pounds) Direct labor (10,650 hours) Variable overhead Fixed overhead Total manufacturing costs Overhead controllable variance Overhead volume variance $15.96 30.00 15.00 20.00 $80.96 The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored. Compute the overhead controllable variance and the overhead volume variance. $ $ $ 72,864 131,421 111,521 40,999 $356,805