QUESTION 3 The following standard costs were developed for one of the products of Ferrars Company: Standard Cost Card Per Unit Direct Materials: 4 pounds x $5 per pound Direct Labor: 1.5 hours x $20 per hour Variable overhead: $10 per hour fixed overhead: $30 per hour Total standard cost per unit $20 301 15 45 $110 Budgeted fixed overhead for the period was $600,000 and expected capacity for the period was 20,000 DLHs. During the period just ended, Ferrars produced 15,000 units using 80,000 pounds of material and 23,000 direct labor hours. Total payroll cost was $288,000. The materials cost $3.70 per pound. Actual variable overhead cost was $220,000 and actual fixed overhead cost was $640,000. Requirement: Calculate direct material, direct labor and variable manufacturing overhead variances