Show your calculations on the next page Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 24,000 units of product were as follows. (Each unit requires 0.5 hours of direct labor at standard.) Standard Cost Actual Cost 9,800 Ibs. a Direct Materials10,000lbs. a 15 16 Direct Labor 2,000 Hrs. @ 20 12,200 Hrs. @ 19 Factory Overhead Rates per direct labor hour based on 100% capacity of 12,500 labor hours. Variable Cost Fixed Cost S 12.00 per DL Hr $ S7.50 per DL Hr $ 140,000 93,750 total variable cost total fixed cost Instructions: Circle Calculate the following variances. Show all work: (a) Direct Materials Quantity Variance (b) Direct Materials Price Variance (c) Direct Labor Time Variance (d) Direct Labor Rate Variance (e) Factory Overhead Controllable Variance* (f) Factory Overhead Volume Variance* Fav. UnFav Fav. UnFav Fav. UnFav. Fav. UnFav. Fav. UnFav Fav. UnFav. *Hint: For FOH use ACTUAL PRODUCTION at STANDARD USAGE