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Betty's Bakery has the following standard cost sheet for one unit of its most popular cake: Direct materials Direct labor SQ 1.2 pounds. 0.8 hours During the month of May, the company made 700 cakes and Incurred the following actual costs Direct materials purchased and used (1,000 pounds), $1,300 Direct labor (760 hours), $8,740 Required: 1. Calculate the direct materials price variance. 2. Calculate the direct materials quantity variance 3. Calculate the direct materials spending varlance. 4. Calculate the direct labor rate variance SP $ 1.50 per pound $12.00 per hour 5. Calculate the direct labor efficiency variance. 6. Calculate the direct labor spending varlance. Note: For all requirements, Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero varlance). Round your Intermediate calculations to two decimal places. 1. Direct materials price variance 2. Direct materials quantity variance 3. Total direct materials spending variance 4. Direct labor rate variance 5. Direct labor efficiency variance 6. Total direct labor spending variance

Betty's Bakery has the following standard cost sheet for one unit of its most popular cake During the month of May, the company made 700 cakes and incurred the following actual costs. Direct materials purchased and used (1,000 pounds), $1,300 Direct labor (760 hours), $8740 Requlred: 1. Calculate the direct materials price variance 2. Calculate the direct materials quantity variance. 3. Calculate the direct materlais spending variance. 4. Calculate the direct labor rate variance. 5. Calculate the direct labor efficiency variance. 6. Calculate the direct labor spending variance Note: For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None for no effect (l.e., zero variance). Round your intermedlate calculations to two decimal places. Betty's Bakery has the following standard cost sheet for one unit of its most popular cake: During the month of May, the company made 700 cakes and incurted the following actual costs: Direct materlals purchased and used (1,000 pounds), $1,300 Direct labor (760 hours), $8,740 Required: 1. Calculate the direct materials price variance 2. Calculate the direct materials quantity variance. 3. Caiculate the direct materials spending variance. 4. Calculate the direct labor rate variance 5. Calculate the direct labor efficiency variance. 6. Calculate the direct labor spending variance. Note: For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfovorable, and "None for no effect (l.e., zero variance). Round your Intermediate calculations to two decimal places

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