PI2A-11 Company produces a single product. Manufacturing overhead costs are applied to products on the basis of direct labor hours. Budget for current year. Denominator activity (direct labor-hours) 2,000 Variable manufacturing overhead cost $8,000 Fixed manufacturing overhead cost $9,000 The standard cost card for the product follows: Direct materials (4 yards @ $5 per yard).. Direct labor (1.5 hours @ $10 per hour). Variable manufacturing overhead (1.5 hrs @ $4 per/hour). $20 $15 $6 During a recent period the company produced 1,200 units of product. Various costs associated with the production of these units are given below: Direct materials purchased (6,000 yards). Direct materials used in production. Direct labor cost incurred (2,100 hours). $28,500 5,000yards Variable manufacturing overhead cost incurred.. Fixed manufacturing overhead cost incurred $17,850 $10,080 $10,440 Required: Compute Direct materials price and quantity variances, Direct labor rate and efficiency variances, and variable overhead rate and efficiency variances. Compute the fixed overhead budget and volume variances. Please mark the variance (Favorable by F or Unfavorable by U) The direct materials price variance is: The direct materials quantity variance is: sa The labor rate variance variance is: The labor efficiency variance is: The variable overhead spending variance is: The variable overhead efficiency variance is: The fixed overhead budget variance is: The fixed overhead volume variance is: