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 790 cases of food and incurred the following actual costs. Variable overhead Fixed overhead Actual labor cost (4,500 direct-labor hours) Actual material cost (12,500 pounds purchased and used) $ 7,000 21,600 93,150 27,500 Overhead is budgeted and applied using direct-labor hours in a standard costing system. Standard cost and annual budget information are as follows: Standard Costs per Case Direct labor (5 hours at $20 per hour) Direct material (15 pounds at $1.90 per pound) Variable overhead (5 direct-labor hours at $1.60 per hour) Fixed overhead (5 direct-labor hours at $3 per hour) Total $100.00 28.50 8.00 15.00 $151.50 Annual Budget Information Variable overhead Fixed overhead $ 80,000 $150,000 Planned activity for year 50,000 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.) Answer is not complete. Direct-material price variance $ 1,500 Direct-material purchase price variance 1,000 Direct-material quantity variance 2,850 X Direct-labor rate variance 1,050 Direct-labor efficiency variance $ 3,000 Variable-overhead spending variance $ 1,000 Variable-overhead efficiency variance $ 3,400.00 Fixed-overhead budget variance $ 200,000 Fixed-overhead volume variance