Eastern Polymers, Inc., processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 23,500 units of product were as follows:

Each unit requires 0.1 hour of direct labor.InstructionsDetermine (a) The price variance, quantity variance, and total direct materials cost variance; (b) The rate variance, time variance, and total direct labor cost variance; and(c) Variable factory overhead controllable variance, the fixed factory overhead volume variance, and total factory overhead costvariance.

Standard Costs Actual Costs Direct materials Direct labor Factory overhead 4,250 lbs. at 18.32 2,400 hrs, at $17.00 4,280 lbs. at $8.10 2,350 hrs. at $17.50 Rates per direct labor hr., based on 100% of normal capacity of 2,000 direct labor hrs.: Variable cost, 32.20 Fixed cost, $3.50 $5,020 variable cost $7,000 fixed cost