Problem 8-23BComputing materials, labor, and manufacturing overhead cost variances

Martin Hickey was a new cost accountant at Freeport Plastics Corporation. He was assigned to analyze the following data that his predecessor left him.

Planned volume for year (static budget) 10,000 units Standard direct materials cost per unit 2 pounds @ $3.60 per pound Standard direct labor cost per unit 0.5 hour @ $30.00 per hour Total planned fixed overhead costs $24,000 Actual volume for the year (flexible budget) 10,800 units Actual direct materials cost per unit 1.9 pounds @ $3.84 per pound Actual direct labor cost per unit 0.6 hour @ $24.00 per hour Total actual fixed overhead costs $24,800