Show Calculations Northwestern Production manufactures recycle bins using recycled plastic bins that it sells to municipal governments. It has developed the following per unit standard costs for 2020 for each bin: _Direct Materials Direct Labor_ Manufacturing Overhead Standard quantity 3 pounds 1/2 hour 1/2 hour Standard price 9.80 $12.00 $4.50 Unit standard cost $2.40 $6.00 $2.25 in 2020, the company planned to produce 40,000 bins at a level of 20,000 hours of direct labor. Actual results for 2020 are presented below: 1. Direct materials purchased and used were 116,000 pounds of plastic that cost $98.000. 2. Direct labor costs were $258,300 for 21,000 direct labor hours actually worked. 3. Total manufacturing overhead was $88,000. 4. Actual production was 40,200 bins Instructions: Compute the following variances: Figure your answers below and record your final answer in the space provided. Materials price variance: Favorable or Unfavorable Materials quantity variance: Favorable or Unfavorable Total materials variance: Favorable or Unfavorable Favorable or Unfavorable Favorable or Unfavorable Favorable or Unfavorable Labor Rate variance: Labor Efficiency variance: Total spending variance: Overhead total spending Variance: Direct Materials: Direct Labor: Overhead: Favorable or Unfavorable