Standard Cost Card for One Unit: (1) * (2) Standard Cost (1) Standard Quantity or Hours 6 pounds 1.8 hours 0.7 hours Inputs: Direct Materials Direct Labor Variable Manufacturing Overhead Total Standard cost per unit (2) Standard Price Or Rate 2 per pound 20 per hour 10 per hour $ $ Number of Actual Units Produced 10,200 During the current month, the costs associated with the actual units produced were: Cost of materials purchased $127,500 Pounds of materials purchased 60,500 pounds Materials used in production 60,500 pounds Direct labor used 20,000 hours Direct labor rate $19.50 Variable manufacturing overhead costs incurred $92,400 REQUIRED: COMPUTE THE DIRECT MATERIALS, DIRECT LABOR, AND VARIABLE MANUFACTURING VARIANCES: SUMMARY OF VARIANCE: Favorable (F) Unfavorable (U) Amount Material price variance Material quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance Net variance