Problem 1 (25 points). Liszt Company developed the attached standards for its product for 20x2. The company expected to work at the 30,000 direct labor hours level of activity and produce 15.000 units of its product. Actual results for 20X2 are also attached. REQUIRED: Compute the following variances for Liszt Company for 20X2 and indicate whether the variance is favorable or unfavorable. (1) Direct materials price variance. (2) Direct materials quantity variance. (3) Direct labor price variance. Direct labor quantity variance Variable manufacturing overhead spending variance. Variable manufacturing overhead efficiency variance (7) Fixed manufacturing overhead spending variance. Fixed manufacturing overhead volume variance. (5) (6) (8) LISZT COMPANY STANDARDS FOR MANUFACTURE OF ITS PRODUCT FOR YEAR 20X2 Direct materials 4 pounds at SS per pound Direct labor 2 hours at $10 per hour Variable manufacturing overhead 2 direct labor hours at $4 per hour Fixed manufacturing overhead 2 direct labor hours at $2 per hour Units produced Direct labor Direct materials purchased and used Total actual manufacturing overhead LISZT COMPANY ACTUAL RESULTS OF PRODUCTION FOR YEAR 20X2 14,200 $276,210 for 27,900 direct labor hours worked 5271,660 for 57.800 pounds $170.000 of which 70% is variable