Variance The Hospital Ltd runs a diagnostic lab that performs a specialized test on patients. The tests are very expensive, so separate budget and cost information is recorded for this test to accurately invoice the patients. Standard cost, usage and actual cost, usage of January is given below. Actual Static Budget (Standard) Direct Material (Plates) 4,000 plates for 2,000 tests 4,900 plates purchased and used (1.75 plates / test) Total Plate Cost: $12,000 $15,910 Direct Material (DM) Cost Direct Labor (DL) to perform the test 840 Direct Labor Hours 500 hours for 2,000 tests Total DL Cost: $10,000 Direct Labor (DL) cost $16,548 Compute the following variances. Favorable Variance, add F, For Unfavorable Variance, add U to the answer. Do not use negative (-) sign. (Example: 100.00F or 150.00U) 1. Direct Material Price Variance 2. Direct Material Usage Variance 3. Direct Labor Rate Variance 4. Direct Labor Efficiency Variance