Walthaus Corporation's standard cost sheet is as follows: Direct material 4 feet at $5.00 per foot Direct labor 3 hours at $10.00 per hour Variable overhead 13 hours at $2.00 per hour Fixed overhead 3 hours at $1.00 per hour Additional information: . Actual results purchased 30,000 lbs of material at $5.25 per Ib. (there were no beginning or ending material inventories); direct labor cost incurred was 26,000 hours at $9.75 per hour, actual variable overhead incurred, $50,000; and actual fixed overhead incurred $43,000. E. Overhead is applied to work-in-process on the basis of direct labor hours. The company produced 8,000 units of product during the period. . The number of estimated hours for computing the fixed overhead application rate totaled 45,000 hours. What are the labor price and efficiency variances? Multiple Choice o () $6,500 U; $20.000 U. o None of these. o $6,500 F: $20,000 U. o $7,200 F: $8,400 U