Crescent Tool Works uses a standard cost system. The month’s data regarding its iron castings follow:

● Materials purchased and used, 3,300 pounds

● Direct-labor costs incurred, 5,500 hours, $42,350

● Variable-overhead costs incurred, $4,620

● Finished units produced, 1,000

● Actual materials cost, $.97 per pound

● Standard variable-overhead rate, $.80 per direct-labor hour

● Standard direct-labor cost, $8 per hour

● Standard materials cost, $1 per pound

● Standard pounds of material in a finished unit, 3

● Standard direct-labor hours per finished unit, 5

Prepare schedules of all variances.