Wilson Company developed the following standard costs for its product for 2014:

WILSON COMPANY Standard Cost Card

Cost Elements

Standard Quantity

Standard Price

=

Standard Cost

Direct materials	4 pounds	$ 5	$20
Direct labor	2 hours	10	20
Variable overhead	2 hours	4	8
Fixed overhead	2 hours	2	4
			$52

The company expected to work at the 120,000 direct labor hours level of activity and produce 60,000 units of product. Actual results for 2014 were as follows: 56,800 units of product were actually produced. Direct labor costs were $1,092,000 for 112,000 direct labor hours actually worked. Actual direct materials purchased and used during the year cost $1,085,700 for 231,000 pounds. Total actual manufacturing overhead costs were $682,000. Instructions Compute the following variances for Wilson Company for 2014. Show your calculations and indicate whether the variance is favorable or unfavorable.

1.	Direct materials price variance.

2.	Direct materials quantity variance.
3.	Direct labor price variance.
4.	Direct labor quantity variance.
5.	Overhead controllable variance.
6.	Overhead volume variance.