Question - You've recently been promoted to senior financial analyst, and your first assignment is to evaluate the performance of your company's cost center. You work for a men's clothing manufacturer called Impressive Men's Wear. You currently have the following data:

Standard material cost of $20 (5 units of raw materials at $4) Standard direct labor cost of $10 (1 hour per unit)

Standard variable overhead cost of $10 (based on direct labor-hours) Fixed overhead is budgeted at $22,000

The following data for pertains to operations for June of this year:

Raw materials purchased: 10,000 units costing

Raw materials used in production of 1,500 units of finished product: 10,000 units of raw materials

Direct labor used: 2,000 hours costing $30,000

Variable overhead costs incurred: $20,000

Fixed overhead budget variance: $20,000

Compute the cost variance for Materials price variance, materials quantity variance, labor rate variance, labor efficiency variance, variable overhead spending variance and variable overhead efficiency variance.