Standard costs were developed for one of the products of Wiley Corporation. Standard costs per unit for Direct Materials and Direct Labor were as follows: Materials: 5 feet x $16.75 per foot Direct labor: 8 hours x $10 per hour $ 83.75 80.00 The following actual information is available regarding the company's operations for the period: Units produced: Materials purchased and used: Direct labor: 11,000 50,000 feet @ $14.25 per foot 96,000 hours costing $960,000 Manufacturing overhead actually incurred: Variable Fixed $810,000 $1,200,000 Manufacturing overheads' cost driver is direct labor hours. Total budgeted manufacturing overhead for the period is $1,500,000 (of which $600,000 is variable) and the standard fixed and variable overhead rates are based on expected capacity of 80,000 direct labor hours. Required: Calculate all the direct materials, direct labor and overhead variances (there should be eight variances in total). Note: Expected capacity in units = 80,000 hours/8 hours per unit = 10,000 units