The standard cost card for the Nelson Corporation is shown below. Overhead is applied using direct labor hours. Direct materials Direct labor Variable overhead Fixed overhead 4 yards$4.00 per yard 1.6 hours $11.75 per hour 1.6 hours $%2.25 per hour 1.6 hours $%4.50 per hour The following additional information is available for the year just completed. a. The company manufactured 20,000 units of product. b. During the year, c. For production, d. Total direct labor hours worked was 32,500 costing $11.80 per hour $3.75 per yard 78,000 yards of materials was purchased for 76,000 yards of material was used. Data relating to manufacturing overhead costs follows: Budgeted fixed overhead costs Actual fixed overhead costs Actual variable overhead costs $151,300 $150,000 $70,000 Requirements: Enter the answers in the space provided. Mark each variance with a U or F. Attach another page showing your calcuations. You will get no credit if you do not include your calculations. price quantity 1. Calculate the materials price variance and quantity variance 2. Calculate the labor rate variance, efficiency variance, and spending variance 3. Calculate the variable overhead rate variance and efficiency variance. 4. Calculate the fixed overhead budget variance and volume variance. S. How much total overhead would be applied to Work-in-Process? 6. What is the amount of over or under applied overhead? efficiency spending efficlency budget volume over or under appled