The following information is for the standard and actual costs for Happy Corporation:Standard Costs:Budgeted units of production $16,000[80\%($or normal$)$ capacity$]$Standard labor hours per unit $4$Standard labor rate $$26$ per hourStandard material per unit $8$ lbs$.$Standard material cost $$12$ per poundStandard variable overhead rate $$15$ per labor hourBudgeted fixed overhead $$640,000$Fixed overhead rate is based on budgeted labor hours at $80\%($or normal$)$ capacity.Actual Costs:Actual production $16,500$ unitsActual material purchased and used $130,000$ poundsActual total material cost $$1,600,000$Actual labor $65,000$ hoursActual total labor costs $$1,700,000$Actual variable overhead $$1,000,000$Actual fixed overhead $$640,000$Enter favorable variances as negative numbers. Do not round interim calculations.a$.$ Determine the direct materials quantity variance, price variance, and total cost variance.Direct materials:Line Item DescriptionAmountVarianceQuantity variance:$fill in the blank $1$Price variance:$fill in the blank $3$Total direct materials cost variance:$fill in the blank $5$b$.$ Determine the direct labor time variance, rate variance, and total cost variance.Direct labor:Line Item DescriptionAmountVarianceTime variance:$fill in the blank $7$Rate variance:$fill in the blank $9$Total direct labor cost variance:$fill in the blank $11$c$.$ Determine the factory overhead volume variance, controllable variance, and total factory overhead cost variance.Factory overhead:Line Item DescriptionAmountVarianceVolume variance:$fill in the blank $13$Controllable variance:$fill in the blank $15$Total factory overhead cost variance:

The following information is for the standard and actual costs for Happy Corporation:

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 Costs:

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$

Enter favorable variances as negative numbers. Do not round interim calculations.

a$.$ Determine the direct materials quantity variance, price variance, and total cost variance.

Direct materials:

Quantity variance:

Enter favorable variances as negative numbers. Do not round interim calculations.

a$.$ Determine the direct materials quantity variance, price variance, and total cost variance.

Direct materials:

Quantity variance:

Price variance:

Total direct materials cost variance:

$

b$.$ Determine the direct labor time variance, rate variance, and total cost variance.

Direct labor:

Time variance:

Rate variance:

Total direct labor cost variance:

c$.$ Determine the factory overhead volume variance, controllable variance, and total factory overhead cost variance.

Factory overhead:

Volume variance:

Controllable variance:

Total factory overhead cost variance:

The following information is for the standard and actual costs for Happy Corporation:

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 Costs:

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$

Enter favorable variances as negative numbers. Do not round interim calculations.

a$.$ Determine the direct materials quantity variance, price variance, and total cost variance.

Direct materials:

Quantity variance:

Enter favorable variances as negative numbers. Do not round interim calculations.

a$.$ Determine the direct materials quantity variance, price variance, and total cost variance.

Direct materials:

Quantity variance:

Price variance:

Total direct materials cost variance:

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