Toronto Ltd. manufactures tape measures for large retail stores. The standard costs for a dozen tape measures are as shown below:

Direct materials 24 m x $2.00 per metre = $48.00

Direct Labour 3 hrs x $12 per hour = $36.00

During February, Toronto Ltd. worked on three separate orders of tape measures. Job cost records for the month disclose the following:

You have been able to gather the following information:

• ? Toronto Ltd. purchased 110,000 m of material during February at a cost of $242,000.
• ? The payroll department reported that production employees were paid $12.50 per hour
• ? There was no beginning WIP. During February, Lots 2402 and 2403 were completed and all materials were issued for lot 2404 which was 60% complete in terms of labour.
• ? Toronto Ltd. applies fixed and variable overhead based on machine hours. Below are the results for Toronto Ltd. for the month of February: o Normal activity in machine hours 40,000
• o Flexible budget variable overhead per machine hour $2.80
• o Actual variable overhead cost incurred $117,000
• o Actual fixed overhead cost incurred $302,100
• o Variable overhead cost applied to production $117,600
• o Variable overhead efficiency variance (unfavourable) $8,400
• o Fixed overhead budget variance (unfavourable) $2,100

Required

Calculate the following:

1) The material price and quantity variance

2) The labour rate and efficiency variance

3) The variable overhead spending and efficiency variance

4) The fixed overhead budget variance and volume variance