The company produces and sells a single product. The standard cost card for the product follows:

Standard Cost Card%u2014Per Unit
Direct materials, 4.50 yards at $3.80 per yard	$	17.10
Direct labor, 1.7 direct labor-hours at $11.00 per direct labor-hour		18.70
Variable overhead, 1.7 direct labor-hours at $2.50 per direct labor-hour		4.25
Fixed overhead, 1.7 direct-labor hours at $5.50 per direct labor-hour		9.35
Standard cost per unit	$	49.40

The following additional information is available for the year just completed:

a.	The company manufactured 15,000 units of product during the year.

b.	A total of 65,000 yards of material was purchased during the year at a cost of $4.00 per yard. All of this material was used to manufacture the 15,000 units. There were no beginning or ending inventories for the year.

c.	The company worked 28,000 direct labor-hours during the year at a cost of $10.70 per hour.

d.	Overhead cost is applied to products on the basis of standard direct labor-hours. Data relating to manufacturing overhead costs follow:

Denominator activity level (direct labor-hours)		23,000
Budgeted fixed overhead costs	$	126,500
Actual fixed overhead costs	$	124,000
Actual variable overhead costs	$	72,800

Required:
1.	Compute the direct materials price and quantity variances for the year. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.)

Direct materials quantity variance	$	(Click to select) F U None
Direct materials price variance	$	(Click to select) F U None

2.

Compute the direct labor rate and efficiency variances for the year. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.)

Direct labor efficiency variance	$	(Click to select) F U None
Direct labor rate variance	$	(Click to select) F U None

3.	For manufacturing overhead, compute the following:

a.

The variable overhead rate and efficiency variances for the year. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.)

Efficiency variance	$	(Click to select) F U None
Rate variance	$	(Click to select) F U None

b.

The fixed overhead budget and volume variances for the year. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.)

Volume variance	$	(Click to select) F U None
Budget variance	$	(Click to select) F U None
Without working, no rating!