Standard Products Company recognizes variances from standards at the earliest opportunity and the quantity of direct materials purchased is equal to the quantity used. The following information is available for the most recent month:

Direct Materials Direct Labor

Standard Quantity/ Unit 8.00 pound 3.6 hours

Standard Price/ Pound $8.20/ pound

Standard Price / Hour $8.00/hour

Actual quantity/unit 8.25 pound $3.8 hours

Actual price/pound $8.50 / pound

Actual price/Hour $7.50 / hour

Static Budget volume 800 units

Actual volume 900 units

Actual overhead $12,000

Actual fixed overhead $5,100

Standard variable overhead $5/ unit

Standard fixed overhead $5,600

Q1. Calculate the Direct Material Price and Volume Variances:

-Price Variance:

-Volume Variance

Q2. Calculate the Direct Labor Rate and Efficiency Variances:

-Rate Variance:

-Efficiency Variance:

Q3. Calculate the Variable overhead Spending and Efficiency Variances:

-Variable Overhead Spending Variance:

-Variable Overhead Efficiency:

Q4. Calculate the Fixed Overhead Budget and Volume Variances

-Fixed Overhead Budget Variance:

-Fixed Overhead Volume Variance:

Thank you!!!