P89-5 Calculating Dlrect Materials, Direct Labor, Variable Manufacturing OverheadL Variances Lc Dolles Clay, Inc, manufactures basic terra cotta planters. Its standard costinformation for the past year follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (clay Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $480,000+800,000 units) 2 lbs. 0.5 hr 0.5 hr $ 0.80 per lb. $12.00 per hr. $ 0.40 per hr $1.60 6.00 0.20 0.60 Dolles Clay has the following actual results for the past year: Number of units produced and sold Number of pounds of clay used Cost of clay purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 675,000 1,305,000 $ 991,800 337,500 $3,712,500 $ 157,500 $ 505,000 Required: culate the following for Dolles Clay: 1. Direct 2. Direct materials price, quantity, and spending variances. abor rate, efficiency, and spending variances. overhead rate, efficiency, and spending variances. d Snending, Volume Variances