SECTION B: PROBLEM SOLVING TOPIC: STANDARD COSTING - UNIT 11 (CHAPTER 11) Wagner Company developed the following standard costs for its product for 2011: WAGNER COMPANY Standard Cost Card Standard Quantity * Standard Price - Standard $ 5 $20 Cost Elements Cost Direct materials Direct labor Variable overhead Fixed overhead 4 pounds 2 hours 2 hours 2 hours Oy S2 The company expected to work at the 40,000 direct labor hours level of activity and produce 20,000 units of product. Actual results for 2011 were as follows: 18,900 units of product were actually produced. Direct labor costs were $362,700 for 37,200 direct labor hours actually worked. Actual direct materials purchased and used during the year cost $361,900 for 77,000 pounds. Total actual manufacturing overhead costs were $227,000. Instructions AF102 S2, 2017 Revision Package Compute the following variances for Wagner Company for 2011 and indicate whether the variance is favorable or unfavorable. 4. Direct materials price variance. 2. Direct materials quantity variance. 3. Direct labor price variance. 4. Direct labor quantity variance. 5. Overhead controllable variance. 6. Overhead volume variance