Question 10 (1 point) Planned: Production 22,000 units Standards 100 lbs. @ $2.50/lb. = $250/unit Direct Labor 2 hrs/unit * $10/hour = $20/unit Variable Overhead $2.50/direct labor hour = $5/unit Fixed Overhead $698,500 Actual: Production 24,000 units Material used 2,640,000 lbs @ $2.40/lb Direct Labor 49,000 hours total $465,500 Variable Overhead $128,000 Fixed Overhead $750,000 What is the Labor Price Variance? a) $24,500 U b) $24,500 F c) $ 5,000 U d) $ 5,000 F