Variance calculations - show your work Standard costs and actual costs for direct materials, direct labor, and overhead incurred for the manufacture of 400 units of product were as follows. (Each unit requires 5 hours of direct labor at standard.) Standard Cost Actual Cost Ibs. 102.50 780 Ibs @ 105.50 Hrs @ 17.50 2,100 Hrs @ 17.75 Direct Materials 800 Direct Labor 2,000 Factory Overhead: Rates per direct labor hour based on 100% capacity of 2,050 labor hours: Variable Cost Fixed Cost $ 5.00 per DL Hr 8.00 per DL HT $ 9,800 total variable cost 16,400 total fixed cost Variance Standard Cost Quantity Rate Total Cost 800 lbs 102.5/lb Actual Costs Rate 105.5/lb Quantity 780 lbs Total Cost Direct Materials Direct Labor 2,000 hrs 17.5/hr 2,100 hrs 17.75/hr Amount Circle One Calculate the following variances. Show all work a. Direct Materials Price Variance Fav Unfav b. Direct Materials Quantity Variance Fay Unfay c. Direct Labor Rate Variance Fay Unfav d. Direct Labor Time Variance Fay Unfav e. Factory Overhead Controllable Variance Fay Unfav f. Factory Overhead Volume Variance Fav Unfav Factory Overhead Actual Applied