Variable: 15% of Actual Sales Fixed: 5.) Babylon Corporation manufactures luxury sofa sets and uses a standard cost system. It allocates overhead costs based on quantity of direct materials. The company's performance report for January includes the following selected data. Static Budget Actual Explanations (300 sofa sets) Production 7 (280 sofa sets) Sales Revenue $ 600,000 $532,000 300 x $2000 280 x $1900 Variable manufacturing costs: Direct Materials 62,100 9,000 meters x $6,90 56.079 8,370 meters x $6.70 Direct Labor 79,200 9,900 hrs x $8.00 71,604 9,180 hrs x $7.80 Variable Manufacturing Ovh 27,000 9,000 meters x $ 3.00 28,458 8,370 meters x $ 3.40 Fixed manufacturing costs: Fixed Manufacturing Ovh. 90,000 90,000 AQ JP 8340x 6.90 = 57.573 Compute total, price and quantity (efficiency) variances for direct materials and direct labor" and "total, controllable and volume variances for manufacturing overhead". 04