Records at the Farnsworth Corporation contained the following data for the most recent period of activity:...

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Records at the Farnsworth Corporation contained the following data for the most recent period of activity: Actual total direct labor cost Actual direct labor-hours worked Standard direct labor-hours allowed for actual output (flexible budget) Direct labor price variance Actual variable overhead Standard variable overhead rate per standard direct labor-hour Variable overhead is applied based on standard direct labor-hours allowed. Required: Compute the labor and variable overhead price and efficiency variances. $ 468,100 15,100 14,200 $45,300 F $ 347,300 $ 22 Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Direct labor: Price variance $ 48,000 F Efficiency variance $ 16,000 U Variable overhead: Price variance $ 5,000 F Efficiency variance $ 8,000 U Records at the Farnsworth Corporation contained the following data for the most recent period of activity: Actual total direct labor cost Actual direct labor-hours worked Standard direct labor-hours allowed for actual output (flexible budget) Direct labor price variance Actual variable overhead Standard variable overhead rate per standard direct labor-hour Variable overhead is applied based on standard direct labor-hours allowed. Required: Compute the labor and variable overhead price and efficiency variances. $ 468,100 15,100 14,200 $45,300 F $ 347,300 $ 22 Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Direct labor: Price variance $ 48,000 F Efficiency variance $ 16,000 U Variable overhead: Price variance $ 5,000 F Efficiency variance $ 8,000 U