budget performance report (1017) controllable variance (1024) cost variance (1014) currently attainable standards (1015) direct labor rate variance (1021) direct labor time variance (1021) direct materials price variance (1019) direct materials quantity variance (1020) ideal standards (1015) nonfinancial performance measure (1031) process (1031) standard cost (1014) standard cost systems (1014) volume variance (1025) 049 Hawley Inc. manufactures woven baskets for national distribution. The standard costs for the manufacture of Folk Art style baskets were as follows: Standard Costs Actual Costs Direct materials 1,500 pounds at $35 1,600 pounds at $32 Direct labor 4,800 hours at $11 4,500 hours at $11.80 Factory overhead Rates per labor hour, based on 100% of normal capacity of 5,500 labor hours: Variable cost, $2.40 $12,300 variable cost Fixed cost, $3.50 $19,250 fixed cost Instructions 1. Determine the quantity variance, price variance, and total direct materials cost vari- ance for the Folk Art style baskets. 2. Determine the time variance, rate variance, and total direct labor cost variance for the Folk Art style baskets. 3. Determine the controllable variance, volume variance, and total factory overhead cost variance for the Folk Art style baskets