Problem IIL. Standard Costing (24 points) Sweetings Company produced 7,000 backpacks in June, and the ACTUAL amounts were as follows: Direct materials (cloth) Direct labor Variable overhead 7.400 yards $2 per yard 2.740 hours at $10 per hour $5,400 S11,900 Sweetings STANDARDS were as follows: Direct materials (cloth) Direct labor 1 yard per backpack @ S2 per yard 0.40 direct labor hours per backpacks at S10.50 per direct labor hour 0.40 direct labor hours per backpacks at $2.00 per direct labor hour $9,600 (0.40 direct labor hours per backpack Variable overhead Fixed overhead @S3 per direct labor hour) Complete the table (which continues on the next page) Cost variance: Direct materials Efficiency variance: Direct materials Cost variance: Direct labor Efficiency variance: Direct labor Cost variance: Variable overhead Efficiency variance: Variable overhead Cost variance: Fixed overhead Volume variance: Fixed overhead