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Chapter 7 and 8 Submission Problem The Patel Company manufactures a single product and uses a standard-cost system Both variable and fixed overhead are allocated based on direct labor hours. (The next page is blank for working space. Please CLEARLY mark you work on that page for partial-credit) Standard costs information includes the following: Direct materials: Direct labor: Variable Overhead: Fixed Overhead: 4 pounds per unit at $4 per pound 3 direct labor hours per unit at $ 5 per hour 3 direct labor hours at $1.60 per hour 3 direct labor hours at $2.40 per hour Actual data for the month of January is listed below: 15,000 units were produced and sold: 14,000 units were indicated on the Master budget: Direct labor, 44,000 actual direct-labor hours at $5.20 per hour: Direct materials purchased, 66,000 pounds at $4.15 per pound: Direct materials used, 56,000 pounds Total actual manufacturing-overhead costs incurred, 179,000, of which $104,000 were fixed-overhead costs. a. Calculate the direct materials price variance b. Calculate the direct materials quantity variance c. Calculate the direct labor rate variance d. Calculate the direct labor efficiency variance e. Calculate the direct labor Flexible Budget variance f. Calculate the variable overhead spending variance g. Calculate the variable overhead efficiency variance h. Calculate the fixed overhead budget yariance i. Calculate the fixed overhead volume variance