Problem 5 (16 points) The following standard costs were developed for one of the products of Bean Boat Company: STANDARD COST CARD PER UNIT Direct materials (100 feet x $10/foot) Direct labor (80 hours x $20/hour) Variable overhead cost (80 hours x $7.50/hour) Fixed overhead costs (80 hours x $20/hour) Total standard cost per unit $ 1000.00 1600.00 600.00 1800.00 $4800.00 Budgeted fixed manufacturing overhead costs for the period is $168,000, and the standard fixed overhead rate is based on the production of 105 boats (8,400 hours of labor). Bean Boat Company uses direct labor hours as the allo- cation base for variable overhead costs. The following information is available regarding the company's operations for the period: Units produced: Direct materials purchased: Direct materials used: Direct labor 100 9,800 feet @ $9.60 per foot 10,150 feet 7,880 hours costing $161,540 Manufacturing overhead costs incurred: Varlable $63,040 Fixed $173,360 Required: Calculate the following varlances (2 marks for each question): a Direct materials price variance, b. Direct materials efficiency variance. C. Direct labor price variance. d. Direct labor efficiency variance. e. Variable manufacturing overhead spending variance, f. Variable manufacturing overhead efficiency variance. Fixed manufacturing overhead spending variance. h. Production-volume variance