Standard Job Order Costing - Variance Analysis Spocial ordor lamps are manufactured in division S. Because of the precise nature of the process a standard cost system has been doveloped. The following standards are used for the special orders: "Fixed overheed is based on expected production of 4,012 customized lamps each month. To keep records of the actual cost of a Job, a Job Order Cost System has been developed. Entries are made to the Job Ordar Systom at actual cost (overhead is appiled based on actual labor hours) while entries are made to the acoounting system at stindard. Variance analysis is used to analyze the d fforences, I See The Light Projected income Statement For the Perlod Ending December 31,20x1 Sales Cost of Goods Sold Gross Profit 25,000lamps(i)$45,00&$30.00$375,000.001,125,000.00750,000.00 Setling Expenses: Fixed Variable (Commission per unit) it $3.00 Administrativo Expensos: Fixed Variable (i) $200 $42,000.0050,000,0092,000,00 Total Selling and Administrative Expenses: Net Prodit 190,000.00185,000.00 I See The Light Projected Balance Sheet As of December 31, 20x1 Current Assets Cash Accounts Rocelvable inventory Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Tokal Assets 13.200.005213410.00 Current Liabilities Ascourts Payable Total Liablities Slockholder's Equty Common Stock Retarned Earrings Total Stockholdor's Equty Total Labilisise and Stockholder's Equity Note: Show favorable variances as negative numbers What was the total material price variance for the Lamp Kits purchased? What was the material usage variance for Lamp Kits? What was the direct labor efficiency variance? What was the direct labor rate variance