P23-28A Computing standard cost variances and reporting to management HearSmart manufactures headphone cases. During September 2014, the company produced and sold 107,000 cases and recorded the following cost data: Standard Cost Information Quantity Price Direct Materials 2 parts Direct Labor 0.02 hours Variable Manufacturing Overhead 0.02 hours $ 0.16 per part 8.00 per hour 9.00 per hour Fixed Manufacturing Overhead ($32,980 for static budget volume of 97,000 units and 1,940 hours, or $17 per hour) Actual Cost Information (210,000 parts @ $0.21 per part) (1,640 hours @ $8.15 per hour) Direct Materials Direct Labor Variable Manufacturing Overhead Fixed Manufacturing Overhead $ 44,100 13,366 8,000 30,000 Requirements 1. Compute the cost and efficiency variances for direct materials and direct labor