1. Standard cost systems variance computations Livingston Corporation recently implemented a standard cost system. The company's cost accountant has provided the following data to perform a variance analysis for May Standard Cost Information Direct Material Standard Price Standard Quantity Allowed Per Unit Direct Labor Standard Rate Standard Hours Allowed Per Unit Fixed Overhead Budgeted Normal Level of Production Variable Overhead Application Rate Fixed Overhead Application Rate (S24,000/12,000 units) Total Overhead Application Rate $12 per pound 4 pounds per unit $7 per hour 0.5 hours per unit $24,000 per month 12,000 units per month $1.80 per unit $2.00 per unit $3.80 per unit Actual Cost Information Cost of Material Purchased & Used Pounds of Material Purchased & Used Cost of Direct Labor Hours of Direct Labor Cost of Variable Overhead Cost of Fixed Overhead Actual Volume of Production $429,000 39,000 pounds $23,100 4,200 hours $17,750 $24,200 10,400 units Compute the following variances. Indicate whether each variance is favorable (F) or 1. Standard cost systems variance computations Livingston Corporation recently implemented a standard cost system. The company's cost accountant has provided the following data to perform a variance analysis for May Standard Cost Information Direct Material Standard Price Standard Quantity Allowed Per Unit Direct Labor Standard Rate Standard Hours Allowed Per Unit Fixed Overhead Budgeted Normal Level of Production Variable Overhead Application Rate Fixed Overhead Application Rate (S24,000/12,000 units) Total Overhead Application Rate $12 per pound 4 pounds per unit $7 per hour 0.5 hours per unit $24,000 per month 12,000 units per month $1.80 per unit $2.00 per unit $3.80 per unit Actual Cost Information Cost of Material Purchased & Used Pounds of Material Purchased & Used Cost of Direct Labor Hours of Direct Labor Cost of Variable Overhead Cost of Fixed Overhead Actual Volume of Production $429,000 39,000 pounds $23,100 4,200 hours $17,750 $24,200 10,400 units Compute the following variances. Indicate whether each variance is favorable (F) or