Problem 11-49 Complete Analysis of Cost Variances; Review of Chapters 10 and 11 (LO 11-5) Chillco Corporation produces containers of frozen food. During April, Chillco produced 750 cases of food and incurred the following actual costs. Variable overhead Fixed overhead Actual labor coat (4,000 direct-labor hours) Actual material cost (12,000 pounds purchased and used) $ 6,200 11,000 62,000 36,000 Overhead is budgeted and applied using direct-labor hours in a standard costing system. Standard cost and annual budget Information are as follows: 60.00 10.50 Standard Costs per Case Direct labor (4 hours at $15 per hour) Direct material (15 pounds at 52.70 per pound) Variable overhead (4 direct-labor hours at $1.80 per hour) Fixed overhead (4 direct-labor hours at 63 per hour) Total 12.00 $119.70 Annual Budget Information Variable overhead $72.000 Tixed overhead $120,000 Planned activity for year 40,000 direct-labor hours Required: Compute the following cost variances from the available data (Indicate the effect of each variance by selecting "Favorable" or "Infavorable" Select "None" and enter "O" for no effect (.e., zero variance). Do not round Intermediate calculations.) Variable overhead Fixed overhead Planned activity for year Information $ 72,000 $120,000 40,000 direct-labor hours Required: Compute the following cost variances from the available data. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance). Do not round Intermediate calculations.) Unfavorable Unfavorable Unfavorable Direct material price variance Direct-material purchase price variance Direct-material quantity variance Direct-labor rate variance Direct-labor efficiency variance Variable-overhead spending variance Variable-overhead efficiency variance Fixed-overhead budget variance Fixed-overhead volume variance Unfavorable Favorable Unfavorable Unfavorable unfavorable