Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Steffan Corporation's April operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Standard Units Costs Total Actual Costs Direct material Standard (2 lb. @ $9.50/lb.) $19 Actual (4,200 lb. @ $10.20/lb.) $42,840 Direct labor Standard (0.5 hr. @ $24/hr.) $12 Actual (970 hrs. @ $23.40/hr.) 22,698 Variable overhead Standard (0.5 hr. @ $6/hr.) Actual 6,200 Total $71,738 Assume that the 4,200 lb. of materials purchased were all used in producing the 2,000 completed units. Determine the materials price and efficiency variances, labor rate and efficiency variances, and variable overhead spending and efficiency variances. Materials Variances Actual cost: Split cost: Standard cost: $ Materials price Materials efficiency $ Labor Variances Actual cost: $ Split cost: Standard cost: $ Labor rate Labor efficiency $ Materials Variances Actual cost: Split cost: Standard cost: $ Materials price Materials efficiency $ Labor Variances Actual cost: Split cost: Standard cost: $ Labor rate Labor efficiency $ Variable Overhead Variances Actual cost: Split cost: Standard cost: Variable overhead spending $ Variable overhead efficiency $