Ralston Inc. has provided the following information. Use it to answer #1-8. Give all variances as a positive number. Round ONLY your final answer to dollars. Also,

Denote whether each variance above was favorable or unfavorable.

Standards:

Direct materials: 10 lb @ $2.60/lb 26.00 per unit

Direct labor: 2 hours @ $22.50/hour 45.00 per unit

Variable overhead: 2 hours @ $18.00/hour 36.00 per unit

Fixed overhead 25.00 per unit

total: 132.00 per unit

Budgeted production = 7,000 units

Actual results

Materials purchased: 74,950 lbs $192,200

Materials used: 74,600 lbs

Direct labor: 15,530 actual hours $339,500

Variable overhead: $286,600

Fixed overhead: $171,400

Units produced: 7,400 units

1. Calculate the direct material price variance

2. Calculate the direct material quantity variance.

3. Compute the direct labor rate variance. Round ONLY your final answer.

4. Compute the direct labor efficiency variance.

5. Calculate variable overhead rate variance. Round ONLY your final answer.

6. Compute the variable efficiency variance.

7. Calculate the Fixed Overhead Budget Variance. Note: information provided states FOH budgeted at $25 per unit which equates to $12.50 per hour.

8. Calculate the Fixed Overhead Volume Variance. Note: information provided states FOH budgeted at $25 per unit which equates to $12.50 per hour.