Prob 1. The following standard costs were developed for one of the products of LT Inc. Materials: 2lbs.x 8 per lb. 16 Direct Labor: 1.5 hrs x 16 per hr 24 Variable OH: 1.5 hrs x 8 per hr 12 12 Fixed OH: 1.5 hrs x 6 per hr 9 Total standard cost per unit 61 The following information is available regarding the company's operations for the period: Units produced: Materials purchased: Materials used: Direct labor: 42,000 100,000 lbs @ 8.15 per lb. 92,000 lbs Manufacturing OH incurred: Variable 68,000 hrs costing 1,055,000 Fixed 561,000 440,000 Budgeted fixed manufacturing overhead for the period is 450,000 and the standard fixed overhead rate is based on expected capacity of 75,000 direct labor hours. REQUIREMENTS: 1. Materials Price Variance 2. Materials Usage Variance 3. Direct Labor Rate Variance 4. Direct Labor efficiency variance 5. Total overhead variance