The following information is for the standard and actual costs for the Happy Corporation: Enter favorable variances as negative numbers. Standard Costs: Budgeted units of production - 16,000 [80% (or normal) capacity] Standard labor hours per unit - 4 Standard labor rate - $26 per hour Standard material per unit - 8 lbs. 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% (or normal) capacity. Actual Cost: Actual production - 16,500 units Actual material purchased and used - 130,000 pounds Actual total material cost - $1,600,000 Actual labor - 65,000 hours Actual total labor costs - $1,700,000 Actual variable overhead - $1,000,000 Actual fixed overhead - $640,000 a. Determine the following: Direct materials: Quantity variance: -24,000 Favorable Unfavorable Price variance: 40,000 Total cost variance: $ 16,000 Unfavorable b. Determine the following: Direct labor: Time variance: $ -26,000 Favorable Rate variance: 10,000 Unfavorable Total cost variance: $ -16,000 Favorable c. Determine the following: Factory overhead: Volume variance: 9,760 Unfavorable Unfavorable Controllable variance: 20,000 Total cost variance: $ 29,760 Unfavorable