You have recently accepted a position with Vitex, Inc., the manufacturer of a popular consumer product. During your first week on the job, the vice president has been favorably impressed with your work. She has been so impressed, in fact, that yesterday she called you into her office and asked you to attend the executive committee meeting this morning for the purpose of leading a discussion on the variances reported for last period. Anxious to favorably impress the executive committee, you took the variances and supporting data home last night to study On your way to work this morning, the papers were laying on the seat of your new, red convertible. As you were crossing a bridge on the highway, a sudden gust of wind caught the papers and blew them over the edge of the bridge and into the stream below. You managed to retrieve only one page, which contains the following information Standard Cost Card Direct materials, 2.20 pounds at $16.30 per pound Direct labor, 1.00 direct labor-hours at $15.50 per direct labor-hour Variable manufacturing overhead, 1.00 direct labor-hours at $9.20 per direct labor-hour $35.86 $15.50 $ 9.20 Variances Reported Quantity or Direct materials Direct labor Variable manufacturing overhead Total Standard Cost* $681,340 $ 294,500 $174,800 Price or Rate $ 12,702 F $ 4,000 U Efficiency $ 32,600 U $15,500 U $ 4,700 F Applied to Work in Process during the period Entry obliterated