variance from standars cost

PROBLEM 2-VARIANCES FROM STANDARD COSTS-30 pts. Hawley Inc. manufactures woven baskets for national distribution. The standard costs for the manufacture of Folk Art style baskets were as follows: Standard Cost 1,500 lbs at 535 800 hrs. a 511 Rates per labor hour, based on 100%of Normal capacity of 5.500 labor hrs.: Direct materials Direct labor Factory overhead 1,600 ths. at 532 500 hrs a $11.80 Variable cost, $2.40 Fixed cost, 53.50 12,300 variable cost S19 250 fixod cost INSTRUCTIONS: Indicate the amount and nature (favorable or unfavorable) of each of the following variances. For For AN Answers ScoringScoring U12. U 4 U 6. 1-2. Direct materials quantity varianc 3-4. Direct materials price variance 5-6. Direct labor time variance 7-8. Direct labor rate variance.. 8. U 10 U 12. 9-10. Factory overhead volume variance 11-12.Factory overhead controllable variance NOTE: Each of the 12 correct nswers is assigned a weight of 2.5 pts. Extra credit: Compute the factory overhead variances by comparing the factory overhead account with the budgeted total overhead for the actual level produced. (Hint: The factory overhead T-account)