Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below xible Actual Budget Sales (5,ee0 pools) Variable cost of goods sold* 71,358 86,370 13,000 84,350 99,378 150,650 135,630 13,000 Contribution margin Fixed expenses: 62,000 139,00 139 11,650 (3,370) 62,00e Selling and administrative Total fixed expenses Net operating income (loss) Contains direct materials, direct labor, and variable manufacturing overhead. Janet Dunn, who has just been appointed general manager of the trol." Upon reviewing the plant's income statement, Ms. Dunn has concluded that the major problem lies in the variable cost of goods sold. She has been provided with the following sta ndard cost per swimming pool: Standard Quantity or Standard Price Standa Cost 6.88 per hour 4.76 Direct labor Variable manufacturing overhead Total standard cost per unit 0.7 hours 0.5 hours 14.27 Based on machine-hours. During June, the plant produced 5,000 pools and incurred the following costs a. Purchased 24,000 pounds of materials at a cost of $2.65 per pound b. Used 18,800 pounds of materials in production. (Finished goods and work in process inventories are insignificant and can be c Worked 4,100 direct labor-hours at a cost of $6.50 per hour d. Incurred variable manufacturing overhead cost totaling $7,560 for the month. A total of 2,800 machine-hours was recorded It is the company's policy to close all variances to cost of goods sold on a monthly basis. on During June, the plant produced 5,000 pools and incurred the following costs b. Used 18,800 pounds of materials in production. (Fi for June, the Show less s 14.27 Based on machine-hours During June, the plant produced 5,000 pools and incurred the following costs a. Purchased 24,000 pounds of materials at a cost of $2.65 per pound. b. Used 18.800 pounds of materials in production. (Finished goods and work in process inventories are insignificant and can be ignored.) c Worked 4,100 direct labor-hours at a cost of $6.50 per hour d. Incurred variable manufacturing overhead cost totaling $7.560 for the month. A total of 2,800 machine-hours was recorded It is the company's policy to close all variances to cost of goods sold on a monthly basis. Required: a. Materials price and quantity variances. b. Labor rate and efficiency variances c. Variable overhead rate and efficiency variances. mmarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for the month Complete this question by entering your answers in the tabs below. Required 1 Required 2 Summarize the variances that you computed in (1) above by dhowing the net overall favorable or unfavorable variance for the month, (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.) Required 1