The Litton Company has established standards as follows based on a plan to produce and sell 550 units: -Direct material: 3 pounds per unit @ $4 per pound =$12 per unit -Directlabor: 2 hours per unit @ \$8 per hour = \$16 per unit Variable manufacturing overhead: 2 hours per unit @ \$5 per hour =$10 per unit Actual production figures for the past year are given below. The company records the materials price variance when materials are purchased. Units produced. Oirect material purchased (2,000 pounds)_ purchased (2,000 600 units Direct labor cost 11,100 Direct material used. 2,000 pounds Direct material purchased (2,000 pounds). $7,400 Direct labor cost (1,100 hours)... $9,240 Variable manufacturing overhead cost incurred.... $5,720 The company applies variable manufacturing overhead to products on the basis of standard direct labor-hours. The direct materials nrisa The direct labor efficiency variance is: The variable manufacturing overhead price variance is: 4220F $280U $220U 5280F The variable manufacturing overhead efficiency variance is: 5500F $500U $2200 $220F