ABC makes Widgets and has a capacity to make 200,000 units per year. The following data relates to the static budget for 2016: ABC plans on selling the Widget for $50 each and anticipates selling 100,000 units. During the month of October, ABC made and sold 8,000 units, using 22,400 pounds of plastic at a cost per pound of $1.52/pound. Total production labor hours for the month were 2,400 for a total cost of $22,800. Actual variable overhead for the month was $23,500. 1. Compute the static budget for direct materials for 2016. 2. Compute the static budget for direct labor for 2016. 3. Compute the price variance (dollars) for materials and note as either favorable (F) of unfavorable (U). 4. Compute the efficiency variance (dollars) for materials and note as either favorable (F) of unfavorable (U). 5. Compute the flexible budget variance (dollars) for materials and note as either favorable (F) of unfavorable (U). 6. Compute the price variance (dollars) for labor and note as either favorable (F) of unfavorable (). 7. Compute the efficiency variance (dollars) for labor and note as either favorable (F) of unfavorable (U). 8. Compute the flexible budget variance (dollars) for labor and note as either favorable (F) of unfavorable (U)