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Jorgenson Corporation has developed the following standards for production of its product: Direct Materials (3 lbs per unit$1.00 per lb) Direct Labor (1 dl hr per unit $8 per dl hr) Variable Overhead (2 machine hrs per unit @ $4 per mach hr) Fixed Overhead (2 machine hrs per unit @ $2.25 per mach hr S 3.00 8.00 8.00 4.50 Total Standard Cost of one Finished Unit "the fixed overhead rate was based on a budgeted production level of 2,100 units) The following information is available for the year 2016: Actual production for the period was 1,900s. 6,800 pounds of material were purchased for $1.05 per pound. 6,200 pounds of material were used in production. 2,000 direct labor hours were incurred and the actual labor rate paid was $7.80 per direct labor hour. The total actual variable overhead costs incurred were $17,000 and the total actual fixed overhead costs incurred were $8,900. 4,000 machine hours were used. REQUIRED Compute the eight production variances-be sure to label each variance and indicate whether the variance is favorable or unfavorable