tut inatertals used Arrow Industries employs a standard cost system in which direct materials inventory is carried at standard cost. Arrow has established the following standards for the variable costs of one unit of product The standard cost per unit when operating at normal capacity is Direct materials (8 lbs. @ $1.80) Direct labor (.25 hrs.@ $8.00) Overhead (.25 hrs. @$12.00) $14.40 2.00 3.00 Total standard cost per unit $19.40 The actual, production achieved in 2014 was 19,000 units of product during November. The actual costs incurred were Direct materials (142,500 lbs) Direct labor (5,000 hrs.) Overhead(5,000 hrs.) $299,250 $37,800 $55,000 Required: Calculate the variances for direct material, direct labor, and overhead and state whether each is favorable or unfavorable Fill in the table below with your nine variances but also on the next page of this document please show your work to calculate each of the variances. In order to earn full credit for this assignment students need to compute the nine variances and submit your computations to determine each of the amounts. Problem S-Standard Cost VariancesgiVe Total Price Quantity Direct Materials Direct Labor Overhead hmit uour solution on or before 4/17/2019