Variance Analyses----Materials, Labor and Factory Overhead. The Palmtown Furniture Company uses a standard cost system in accounting for its production costs. The standard cost of a unit of furniture follows: Lumber, 100 feet @$150 per 1,000 feet $15.00 Direct labor, 4 hours @ 2.50 per hour 10.00 Factory overhead: Fixed (30% of direct labor) $3.00 Variable (60% of direct labor) 6.00 9.00 Total unit cost $34.00 The following flexible monthly overhead budget is in effect: Direct Labor Hours Budgeted Overhead 5,200... 4,800.. 4,400.. 4,000(normal capacity). 3,600...... $10,800 10,200 9,600 9,000 8,400 The actual data for the month of December follows: 1,200 finished units Lumber purchased 150,000 feet @ $120 per 1,000 feet Lumber used 110 feet per unit Direct labor 4 1/4 hours per unit @ $2.60 per hour Fixed Factory overhead $2,655 Variable Factory overhead $7,905 Required: An analysis of each element of the total variance from standard cost for the month of December