Check m Denominator activity level (direct labor-hours) Budgeted fixed overhead costs Actual variable overhead coats ineurred Actual fixed overhead costs incurred 37,000 222,000 133,300 218,800 Required 1. Compute the materials price and quantity variances for the year. 2. Compute the labor rate and efficiency variances for the year 3. For manufacturing overhead compute: a. The variable overhead rate and efficiency variances for the year. b. The fixed overhead budget and volume variances for the year. (For all requirements, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Materials price variance Materials quantity variance 2. Labor rate variance Labor efficiency variance 3a. Variable overhead rate variance Variable overhead efficiency variance 3b. Fixed overhead budget variance Fixed overhead volume vaniance PR 10A 10 6 Help Save & Exit Submmit Check my Wonderfull Not only did our salespeople do a good job in meeting the sales budget this year, but our production people did a good job in controlling costs as well said Kim Clark, president of Martell Company. "Our $55,600 overall manufacturing cost variance is only 1.6% of the $3,475,000 standard cost of products made during the year. That's well within the 3% parameter set by management for acceptable variances. It looks like everyone will be in line for a bonus this year 10 points The company produces and sells a single product. The standard cost card for the product follows Quantity Inputs -30 feet.20 per foot 2-0 hours 12 per hour 2 hour3.00 per hour 2.0 hous 6.00 per hour 12.00 (2) 12) 24.00 6.00 sor Total standard cost per unit The following additional information is available for the year just completed: a. The company manufactured 20,000 units of product during the year b. A total of 107000 feet of material was purchased during the year at a cost of $4.50 per foot. All of this material was used to manufacture the 20,000 units produced. There were no beginning or ending inventories for the year c. The company worked 43,000 direct labor-hours during the year at a direct labor cost of $1160 per hour d. Overhead is applied to products on the basis of standard direct labor-hours. Data relating to manufacturing overhead costs follow Denoninator actiwity level (direct Labor-houra) Budgeted fixed overhead eoats s 222,000 133,300 s 218. 800 1 tixed overhead costs incurred