Variance Analysis P 9 - B Asparagus Company manufactures a product known as Stinkweed. 4 Budget Actual Difference Net Income $12,000 $36,900 $24,900 F = sum of six variances Standard Cost Card (budget for one unit) Standard Standard Quantity Price Standard or Hours or Rate Cost Direct Materials 3.0 pounds $ 8 $ 24.00 Direct labor 2.0 labor hours 18 36.00 Variable overhead 0.5 machine hours X 2.00 Total standard cost per unit $ 62.00 The following actual data resulted in the production of 20,000 units: a) Materials purchased 62,000 pounds at a cost of $8.10 per pound. b) Used 59,000 pounds of materials in production. c) Worked 41,000 direct labor hours at a cost of $17.00 per hour d) Variable manufacturing overhead costs, during the month, totaled $39,900. A total of 9,500 machine hours were recorded. Compute the following: Material price variance Labor rate variance Variable overhead rate variance Material quantity variance Labor efficiency variance Variable overhead efficiency variance