Standard Costing and Variance Analysis Hawley Inc. manufactures woven baskets for national distribution. The standard costs for the manufacture of Folk Art Style baskets were as follows: 3. Actual costs 1,600 lbs. at $32 Standard Costs Direct Materials Direct Labor Factory Overhead 1,500 lbs. at $35 4,800 hours at $11 4,500 hrs at $11.80 Rates per labor hour, based on 100% of normal capacity of 5,500 labor hours: Variable cost, $2.40 per Fixed Cost, $3.50 $12,300 variable cost $19,250 fixed cost Instructions: Determine the quantity variance, price variance, and total direct materials cost variance for the Folk Art Style Baskets. Determine the time variance, rate variance, and total direct labor cost variance for the Folk Art Style Baskets a. b