The following information is provided to assist you in evaluating the performance of the production operations of Studio Company 46,eee $131,010 111, 160 166,740 Units produced (actual) Master production budget Direct materials Direct labor Overhead Standard costs per unit Direct materials Direct labor Variable overhead Actual costs Direct materials purchased and used Direct labor Overhead $1.65 * 2 gallons per unit of output $14 per hour x 0.2 hour per unit $12.50 per direct labor hour $140,785 (26,100 gallons) 118,548 (8,880 hours) 166,200 (61% is variable) Variable overhead is applied on the basis of direct labor hours. Required: Calculate all variable production cost price and efficiency variances and fixed production cost price and production volume variances. (Do not round intermediate calculations. Indicate the effect of each voriance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) $1.65 x 2 gallons per unit of output $14 per hour * 0.2 hour per unit $12.50 per direct labor-hour Direct materials Direct labor Variable overhead Actual costs Direct materials purchased and used Direct labor Overhead $140,785 (76,100 gallons) 118,548 (8,880 hours) 166,200 (61% is variable) Varlable overhead is applied on the basis of direct labor hours. Required: Calculate all variable production cost price and efficiency variances and fixed production cost price and production volume variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Price Variance Efficiency Variance Production Volume Variance Direct matorials Direct labor Variable overhead Fixed overhead