The standard cost sheet for Chambers Company, which manufactures one product, follows: $ 68 150 Direct materials, 30 yards at $2.00 per yard Direct labor, 6 hours at $25 per hour Factory overhead applied at 70% of direct labor (variable costs = $75; fixed costs = $30) Variable selling and administrative Fixed selling and administrative Total unit costs 105 88 $ 451 Standards have been computed based on a master budget activity level of 30,400 direct labor-hours per month. Actual activity for the past month was as follows: Materials used Direct labor Total factory overhead Production 190,000 yards at $2.20 per yard 29,5e8 hours at $26.80 per hour $550,000 4.700 units Requlred: Prepare variance analyses for the variable and fixed costs. Materials are purchased as they are used. (Do not round Intermediate calculations. Indicate the effect of each varlance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select elther option.) Answer is complete but not entirely correct. Direct materials: Price variance variance $ 38,000 Efficiency variance $ 98,000U Direct labor: Price variance S 53,100U Variable overhead: Efficiency variance $ 85,600 Fixed overhead: Production volume variance $ 85,600