IV. Comprehensive Variance Analysis (20 points) Flushing Corp. produces a single product. Variable manufacturing overhead is applied to products on the basis of direct labor hours. The standard cost card for one unit of product is as follows: Standard Quantity or Hours (2) Standard Price or Rate $0.50 per oz $30.00 per hour $10.00 per hour Inputs Direct Materials Direct Labor Variable Manufacturing Overhead Total Standard Cost Per Unit 6 OZ Standard Cost (1) x (2) $3.00 18.00 6.00 $27.00 0.6 hours 0.6 hours During Juno, 2000 units were produced. The costs associated with June's operations were as follows: $10.800 Materials purchased: 18,000 oz. at 80.60 per oz... Materials used in production 18,000 oz. Direct Labor: 1,100 hours at $30.50 per hour.... Variable Manufacturing overhead costs incurred. .$33,500 $12,980 Required: Compute the direct materials, direct labor, and variable manufacturing overhead variances