Variance Analysis

At the beginning of the year Diamond Company had the following standard cost sheet for one

of its products:

Fixed Overhead rate is based on practical capacity of $250,000$ units. For the year $2022,$ the

company has produced $160,000$ units, with the following actual data:

Direct Material purchased $33,000$ grams at total cost $$198,000$

Ending inventory of direct materials was $2,000$ grams

Direct labor used was $4,400$ hours for $$79,200$

Variable $OH$ cost was $$70,400$

$,$ Fixed $OH$ cost was $$65,000$

Required:

Material Price and Usage Variance $($Assuming no beginning inventory of Direct Material$)$

Labor Rate and Efficiency Variance

Variable Overhead Spending and Efficiency Variance

Fixed Overhead Spending and Volume Variance $(*$Note:

State whether the variance is favorable or unfavorable$)$