V. Computation of materials, labor, and overhead variances

Tuna Company set the following standard unit costs for its single product. The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 60,000 units per quarter. The following flexible budget information is available. During the current quarter, the company operated at 70% of capacity and produced 42,000 units of product; actual direct labor totaled 250,000 hours. Units produced were assigned the following standard

costs: Actual costs incurred during the current quarter follow:

1. Compute the direct materials cost variance, including its price and quantity variances.

2. Compute the direct labor variance, including its rate and efficiency variances.

3. Compute the overhead controllable and volume variances.

4. Compute the variable overhead spending and efficiency variance