Computing materials, labor, and overhead variances Sean Ferlitto was a new cost accountant at Chapman Plastics Corporation. He was assigned to analyze the following data that his predecessor left him.

Required

a. Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity.

b. Calculate the materials price and usage variances and indicate whether they are favorable (F) or unfavorable (U).

c. Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours.

d. Calculate the labor price and usage variances and indicate whether they are favorable (F) or unfavorable (U).

e. Calculate the predetermined overhead rate, assuming that Chapman Plastics uses the number of units as the allocation base.

f. Calculate the overhead spending variance and indicate whether it is favorable (F) or unfavorable (U).
g. Calculate the overhead volume variance and indicate whether it is favorable (F) or unfavorable (U).