Variance calculations - show your work Standard costs and actual costs for Mamimo Inc. direct materials, direct labor, and overhead incurred for the manufacture of 2,000 units of product were as follows. (Each unit requires 5 hours of direct labor at standard.) Standard Cost Actual Cost Direct Materials 500 lbs. @ 40.00 640 Ibs. @ 38.00 Direct Labor 10,000 Hrs. @ 30.00 10,100 Hrs. @ 29.50 Factory Overhead: Rates per direct labor hour based on 100% capacity of 10,100 labor hours: Variable Cost $ 2.00 per DL Hr 19,800 total variable cost Fixed Cost 5.00 per DL Hr 50,500 total fixed cost Standard Cost Actual Costs Variance Quantity Rate Total Cost Quantity Rate Total Cost Direct Materials 600 lbs 40.00 / 1b 640 1bs 38.0 / 1b Direct Labor 10,000 hrs 30.0 / hr 10,100 hrs 29.5 / hr Calculate the following variances. Show all work Amount Circle One a. Direct Materials Price Variance Fav Unfav b. Direct Materials Quantity Variance Fav Unfav c. Direct Labor Rate Variance Fav Unfav d. Direct Labor Time Variance Fav Unfav e. Factory Overhead Controllable Variance Fav Unfav f. Factory Overhead Volume Variance Fav Unfav Cop Factory Overhead