Problem 23-1A Costello Corporation manufactures a single product. The standard cost per unit of product is shown below Direct materials-2 pound plastic at $7.16 per pound Direct labor-2.00 hours at $12.00 per hour Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit $ 14.32 24.00 14.00 6.00 $58.32 The predetermined manufacturing overhead rate is $10 per direct labor hour ($20.00 2.00). It was computed from a master manufacturing overhead budget based on normal production of 10,400 direct labor hours (5,200 units) for the month. The master budget showed total variable costs of $72,800 ($7.00 per hour) and total fixed overhead costs of $31,200 ($3.00 per hour). Actual costs for October in producing 3,400 units were as follows Direct materials (6,980 pounds) Direct labor (6,650 hours) Variable overhead Fixed overhead $52,001 82,327 48,822 21,268 $204,418 Total manufacturing costs The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored Compute all of the materials and labor variances. (Round answers to 0 decimal places, e.g. 125.) Total materials variance Materials nrice variance