Problem #1 - Variances - 16 points Your direct material, direct labor, variable overhead and fixed overhead standards for the year based on 300,000 units of production are as follows - Direct Material - 5.4 pounds/unit, $5.40/pound Direct Labor - 2.75 hours/unit, $22/direct labor hour Variable Overhead based on machine hours - 1.2 hours/unit, $2.25/machine hour Fixed Overhead - $1,200,000 Actual results are as follows - Production - 280,000 units Direct Material purchased and used - 1,520,400 pounds at a cost of $8,149,344 Direct Labor - 761,600 direct labor hours at a cost of $16,785,664 Variable Overhead - 347,200 machine hours at a cost of $770,784 Fixed Overhead - $1,175,000 Required - calculate the rate (price) and efficiency variances for DM, DL and VOH and the totals for each and the spending variance and production-volume variance for FOH. Show all calculations. 1) Material Price Efficiency Total 2) Direct Labor Price Efficiency Total 3) Variable Overhead Price Efficiency Total 4) Fixed Overhead Spending Production-Volume Total