Standard and actual data about Product X is given.

*Compute variances and determine them as "favorable" and "unfavorable

*Standards for Product X are as the following:

*In the period, actual data are as the following:

*Compute the direct materials price and quantity variances

*Compute the direct labor rate and efficiency variances

*Compute the variable overhead spending and efficiency variances

*Compute the fixed overhead budget and volume variances

Direct materials quantity standard Direct materials price standard Direct labor time standard Direct labor rate standard Variable overhead rate standard Fixed overhead rate standard Machine hour standard 1 pound per unit $10.00 per pound 0.5 hour per unit $12.00 per hour $6.00 per machine hour $11.00 per machine hour 4 hours per unit Direct materials purchased and used (pounds) Price paid for direct materials Number of good units produced 21,800 $10.10 per pound 21,000 units Direct labor hours used Total cost of direct labor 11,000 hours $134,200 Standard variable overhead rate Standard fixed overhead rate Actual variable overhead costs Actual fixed overhead costs Budgeted fixed overhead costs Standard machine hours per unit produced Good units produced Actual machine hours $2.50 per machine hour $3.00 per machine hour $60,100 $68,800 $70,000 2.8 8,000 24,200