P12.42A (LO 2, 3, 4) Scriano Manufacturing Company uses a standard cost accounting system to account for the manufacturing of exhaust fans. In July 2020, it accumulates the following data for 1,500 units started and nished: - Cost and Production Data Actual Standard Raw materials , . Units purchased 21,000 Units used 2] ,000 22,000 Unit cost $3.40 - $3.00 Direct labour Hours worked 3,450 3,600 Hourly rate $11.80 $12.50 ' Manufacturing overhead Incurred $101 ,500 Applied $108,000 Manufacturing overhead was applied based on direct labour hours. Normal capacity for the month was 3,400 direct labour hours. At normal capacity, budgeted overhead costs were $20 per labour hour varia- ble and $10.00 per labour hour xed. Total budgeted xed overhead costs were $34,000. Jobs nished during the month were sold for $280,000. Selling and administrative expenses were $25,000. Instructions a. Calculate all of the variances for direct materials and direct labour. b. Calculate the total manufacturing overhead variance. c. Calculate the overhead budget variance and the overhead volume variance. d. Prepare an income statement for management showing the variances. Ignore income taxes