Question 2 Not complete Marked out of 89.00 P Flag question Variances. Entries, and Income Statement A summary of Glendale Companys manufacturing variance report for May 2016 follows: Total dard Variances Costs (9.200 9.200 units units Direct material $38,640 $42,630 $3,990 U 93,120 80 F Direct labor 93,200 23,460 23,230 230 F Variable overhead 9,66 9,66 Fixed overhead $264,960 $268,640 $3,680 U Standard material cost per unit of product is 0.5 pounds at $8.40 per pound, and standard direct labor cost is 1.5 hours at $14.00 per hour. The total actual materials cost represents 4,900 pounds purchased at $8.70 per pound. Total actual labor cost represents 14.200 hours at $13.60 per hour. According to standards, variable overhead rate is applied at $1.70 per direct labor hour (based on an ormal capacity of 5,000 direct labor hours or 10.000 units of product). Assume that all fixed overhead is applied to work in progress inventory. a. Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F for Favorable or "U" for Unfavorable. Materials Variances Actual coss: Split cost: Standard cost Materials price Materials efficiency