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I. DIRECT COST AND OVERHEAD COST VARIANCE ANALYSIS Goldilocksc. produces safe deposit boxes. During February 20X2, the company produces 1,050 units of product and incurred the following actual costs. Variable overhead $48,000 Actual labor cost (3.000 direct-labor hours) 70,500 Actual material cost (2.200 lbs of metal purchased and used) 50.600 One unit of safe deposit box is planned to use 2 Ibs of metal and consume 3 direct-labor hours. Overhead is budgeted and applied using direct labor hour. Standard cost information are as follows: Standard costs per safe deposit box Direct labor $75 Direct material 42 Variable overhead 45 Required: 1. Calculate price and efficiency variance for direct material. (5%) 2. Calculate price and efficiency variance for direct labor. (5%) 3. Calculate spending and efficiency variance for variable overhead. (5%) 4. Provide possible explanation on the result! (5%)