PROBLEM 8-3 (Variance Analysis) At the beginning of the year Jjang Company had the following standard cost sheet for one of its products: Direct Materials (0.1 grams x $2,2) Direct Labor (0.01 hours x $25) Variable Overhead (0.01 hours x $20) Fixed Overhead (0.01 hours x $25) Standard Cost Per Unit $ 0.22 $ 0.25 $ 0.20 $ 0.25 $0.92 . . Fixed Overhead rate is based on practical capacity of 200,000 units. For year 2020, the company has produced 170,000 units, with the following actual data: Direct Material purchased 25,000 grams at total cost $125,000 Ending inventory of direct materials was 4,000 grams Direct labor used was 5,600 hours for $78,400 Variable OH cost was $67,200 Fixed OH cost was $65,000 Required: Material Price and Usage Variance (Assuming no beginning inventory of Direct Material) Labor Rate and Efficiency Variance Variable Overhead Spending and Efficiency Variance Fixed Overhead Spending and Volume Variance (*Note: State whether the variance is favorable or unfavorable)