Variance Analysis VA1 Favorio Organics is a liquid vitamin producer. The following information pertains to April's production of their Immunity Shot Variable and fixed overhead are applied based on Direct Labor Hours Standards Material: 2 ounces per unit @ $0.75 per ounce Labor: 0.25 hours per unit @ $15 per hour Variable OH: 0.25 hours per unit @ $0.8 per hour Fixed OH: 0.25hours per unit @ $10.00 per hour* *based on budgeted production of 2,700 units Actuals Production: 3,000 units produced during the month Material: 7,150 ounces purchased and used @ $0.8 per ounce Labor: 7,200 direct labor hours @ $15.60 per hour Variable OH: $4,825 Fixed OH: $5,800 REQUIRED: Determine the following: 1. Material price variance 2. Material usage (quantity) variance 3. Labor rate variance 4. Labor efficiency variance 5. Variable overhead spending variance 6. Variable overhead usage variance 7. Fixed overhead spending variance 8. Fixed overhead volume variance