Woods, Inc, budgeted the following overhead costs for the current year assuming operations at 80% of capacity, or 40,000 units: Total variable overhead $240,000 Total fixed overhead 560,000 Total overhead $800,000 The standard cost per unit when operating at this same 80% capacity level is: Direct materials (5 lbs. @ $4/1b.) $20.00 Direct labor (2 hrs. @ $8.75/hr.) 17.5 Variable overhead (2 hrs. @ $3/hr) Fixed overhead (2 hrs. @ $7/hr.) 14 Total cost per unit $57.50 6 The actual production achieved in the current year was 60% of capacity, or 30,000 units. The actual costs were: Direct materials (150,350 lbs.) $616,435 Direct labor (59,800 hrs.) 520,260 Variable overhead 192.000 Fixed overhead 552,000 Calculate the following variances and indicate whether each is favorable or unfavorable. Direct materials: Price variance Select Select Calculate the following variances and indicate whether each is favorable or unfavorable. Direct materials: Price variance (Select] [ Select) Quantity variance Select [Select 1 V Total Mat. Variance [Select] [Select) Direct labor: Rate variance Select] Select) Efficiency variance Select Select] Total Labor Variance (Select 1 Select