STANDARD COST CARD PER UNIT Direct materials (4 feet x $14 per foot) Direct labor (8 hours x $10 per hour) Variable overhead costs (8 hours x $8 per hour) Fixed overhead costs (8 hours x $12 per hour) Total standard cost per unit $ 56.00 80.00 64.00 96.00 $296.00 Budgeted fixed manufacturing overhead costs for the period is $960,000, and the standard fixed overhead rate is based on practical capacity of 80,000 direct labor hours. WMY Company uses direct labor hours as the allocation base for variable overhead costs too. The following information is available regarding the company's operations for the period: Units produced: Direct materials purchased: Direct materials used: Direct labor: 11,000 52,000 feet @ $13.70 per foot 40,000 feet 84,000 hours costing $840,000 Manufacturing overhead costs incurred: Variable Fixed $756,000 $1,000,000 Required: Calculate the following variances (2 marks for each question); a. Direct materials price variance. b. Direct materials efficiency variance. C. Direct labor price variance. d. Direct labor efficiency variance. Variable manufacturing overhead spending variance. Variable manufacturing overhead efficiency variance, Fixed manufacturing overhead spending variance. h. Production-volume variance