3. (30 points)Thompson Company uses a standard cost system for its single pro

3. (30 points)Thompson Company uses a standard cost system for its single product. The following data are available:

Actual experience for the current year:

Purchases of raw materials (30000 yards at $2.50 per yard) $75000

Raw materials used 20000 yards

Direct labor costs (10000 hours at $8.60 per hour $86000

Actual variable overhead cost $359000

Units produced 4800 units

Standards per unit of product:

Raw materials 4 yards at $2.6 per yard

Direct labor 2 hours at $9.00 per hour

Variable overhead $21.6 per direct labor hour

Required:

Compute the following variances for raw materials direct labor and variable overhead assuming that the price variance for materials is
recognized at point of purchase: