The standard cost sheet for Chambers Company, which manufactures one product, follows Direct materials, 30 yards at $4.00 per yard Direct labor, 4 hours at S25 per hour Factory overhead applied at 80% of direct labor (variable costs $70; fixed costs $10) Variable selling and administrative Fixed selling and administrative $120 100 80 70 46 $416 Total unit costs Standards have been computed based on a master budget activity level of 29,400 direct labor-hours per month. Actual activity for the past month was as follows Materials used Direct labor Total factory overhead Production 234,000 yards at S4.10 per yard 30,000 hours at $27.00 per hour $620,000 7,200 units Required 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 variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Required: 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 variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Direct materials Price variance Efficiency variance Direct labor: Price variance Efficiency variance Variable overhead Efficiency variance Fixed overhead: Production volume variance