The Chad Company produces and sells Bean Bag Chairs. Standards for the product follow: .Direct materials, 8 yards at $2.00 per yard Direct labor, direct labor hour at $10 per direct labor hour Variable overhead, direct labor hour at $2 per direct labor hour Fixed overhead. direct labor hour at $6 per direct labor hour Standards are based on 24,000 budgeted direct labor hours per year The company manufactured and sold 44,000 units of product during the year. A total of 360,000 yards of material was purchased and used during the year at a cost of $2.25 per yard The company worked 23,500 direct labor hours during the year at a rate of $8.10 per hour Actual variable overhead costs were $45,000. Actual fixed overhead costs were $143,000 Compute the variances below. Indicate favorable variances with an F and unfavorable variances with a U. DO NOT PUT A SPACE BETWEEN THE NUMBERS AND THE F/U designation 1. Direct materials price variance 2. Direct materials quantity variance 3. Direct labor rate variance 4. Direct labor efficiency variance 5. Variable overhead spending variance 6. Variabl e overhead efficiency varaince 7. Fixed overhead spending variance