ufactured 20,000 ABC Company, which uses a standard cost accounting system, man which it bought at products during 2014. The company used 144,000 pounds of material $1.05 a pound. Production required 420 direct labor hours that cost $13.50 per hour The direct materials standard was 7 pounds of material per product at a standard cost of $1.10 per pound. The direct labor standard was.025 direct labor hours per product at a standard cost of $12.50 per hour. The following additional information pertains to manufacturing overhead: Budgeted variable overhead Budgeted fixed overhead Budgeted direct labor hours Budgeted number of units produced 5,500 $22,000 550 hours 22,000 units The company allocates manufacturing overhead based on standard direct labor hours. The company reported the following actual results for 2014: actual variable overhead $4,950; actual fixed overhead, $23,000. TO DO: 1. Compute the cost and efficiency variance for Direct Materials. 2. Compute the cost and efficiency variance for Direct Labor 3. Compute standard variable overhead allocation rate and the standard fixed overhead allocation rate. 4. Compute variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance and fixed overhead volume variance