Wagner Company developed the following standard costs for its product for 2011: Direct Materials - 4 pounds at $5 per pound Direct Labor - 2 hours at $10 per hour Based on their flexible budget, budgeted Manufacturing Overhead costs are $80,000 of fixed costs plus variable costs of $4 per direct labor hour. Normal capacity is set at 20,000 units of product OR 40,000 DIRECT LABOR HOURS. (20,000 units x 2 labor hours per unit) Actual costs for 2011 were as follows: a. 18,900 units of product were actually produced b. Direct labor costs were $362,700 for 37,200 direct labor hours actually worked. c. Actual direct materials purchased and used during the yeear cost $361,900 for 77,000 pounds. d. Total actual manufcaturing overhead costs were $227,000. Compute the following yearly variances for Wagner company for 2011 and indicate whether the variance is favorable (F) or unfavorable (U) Use the following format for all variances: (Example: 1,000 U) 1. Direct Materials Price Variance 23,100 U Question 5 4 pts Compute the Direct Materials Quantity Variance Question 6 4 pts Compute the total Direct Materials Variance. Question 7 4 pts Compute the Direct Labor Price Variance Question 8 4 pts Compute the Direct Labor Quantity Variance D Question 9 4 pts Compute the total Direct Labor Variance D Question 10 4 pts QL Compute the Variable Overhead Controllable Variance D Question 11 4 pts Compute the Fixed Overhead Volume Variance Question 12 4 pts Compute the total Manufacturing Overhead Variance Question 13 4 pts Compute the total cost variance and indicate if favorable or unfavorable