You have been given the following information about the production of Linda Co., and are asked to provide the factory manager with information for a meeting with the vice president of operations. Standard Cost Card Direct materials (7 pounds at $5 per pound) $35.00 Direct labor (0.8 hours at $10) 8.00 Variable overhead (0.8 hours at $5 per hour) 4.00 Fixed overhead (0.8 hours at $8 per hour) 6.40 $53.40 The following is a variance report for the most recent period of operations. Variances Costs Total Standard Cost Price Quantity Direct materials $409,500 $8,386 F $9,800 U Direct labor 93,600 5,035 U 7,100 U