Standard Costs: Budgeted units of production 16,000 [80 % (or normal) capacity) Standard labor hours per unit 4 yrfnecale a. Determine the following: Standard labor rate $26 per hour Standard material per unit 8 lbs Quantity variance: Standard material cost - $12 per pound Standard variable overhead rate $15 per labor hour Budgeted fixed overhead $640,000 Fixed overhead rate is based on budgeted labor hours at 80 % Price variance: Total direct material cost variance: $ b. Determine the following: Actual Cost Time variance: Rate variance: Actual production 16,500 units Actual material purchased and used 130,000 pounds Total direct labor cost variance: $ Actual total material cost - $1,600,000 c. Determine the following: Actual labor- 65,000 hours Actual total labor costs - $1,700,000 Actual variable overhead - $1,000,000 ctual fixed overhead $640,000 Volume variance: Controllable variance: Total factory overhead cost variance: $