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The Vernon Company has developed the following standards for one of their products. Direct materials: 20 pounds x $3.10 per pound Direct labor: 15 hours x $8 per hour Variable overhead: 15 hours x $2 per hour Budgeted volume for November was 10,000 units. The following activity occurred during November: Units Produced: 10,000 units Materials used: 210,000 pounds at $3.20 per pound Direct labor: 145,000 hours at $7.50 per hour Actual variable OH: $287,000 Calculate the following to the nearest dollar (do not include a "+"or"_" sign or an "F" or "U" in your answers) 3) The materials price variance 4) The materials usage variance. 5) The labour price variance 6) The labour usage variance. 7) The Variable OH spending variance (variable OH is allocated using direct labour as the basis) 8) The Variable OH efficiency variance (variable OH is allocated using direct labour as the basis) 3) The direct materials price variance is Answer: 4) The direct materials usage or quantity variance is Answer: 5) The labour price or rate variance is Answer: 6) The labour usage or efficiency variance is Answer: 7) The Variable OH spending variance (variable OH is allocated using direct labour as the basis) is Answer: 8) The Variable OH efficiency variance (variable OH is allocated using direct labour as the basis) is

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