Sanchez Company planned to produce 13,000 units of its only product during the year. Sanchez established the following standard cost data for this product prior to the beginning of the year: Direct materials (3.0 lbs. @ $7.70 per lb.) Direct labor (2.3 hrs. @ 13.80 per hr.) Variable overhead (2.3 hrs. @ 6.10 per hr.) Total standard cost per unit Total budgeted fixed overhead Per Unit $23.10 31.74 14.03 $68.87 $230,400 Assume that Sanchez (1) actually produced 12,000 units, (2) used 26,000 pounds of direct materials in production, (3) and incurred the following actual total costs: Direct materials purchased (29,000 lbs. @ $8.00 per lb.) Total Cost $232,000 Direct labor (28,000 hrs. @ 13.65 per hr.) Variable overhead Fixed overhead $382,200 $128,400 $230,400 $973,000 Total actual costs Calculate the following variances. Enter all amounts as positive numbers, rounded to the nearest dollar, and identify the variances as favorable or unfavorable: Unfavorable Materials price variance Amount $ 8,700 Materials efficiency variance Labor rate variance $ 2,009,600 Favorable $ 4,200 Favorable Labor efficiency variance $ 0 Unfavorable Variable overhead spending variance $ 42,400 Favorable Variable overhead efficiency variance $ 0x Unfavorable