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Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. Sales Variable expenses Fixed expenses (total) Units produced and sold Budgeted $ 650 per unit $ 260 per unit $135,500 1,270 Actual $970,000 $396,000 $129,000 1,470 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) LEWIS CO. Flexible Budget Performance Report For Month Ended May 31 Flexible Budget Actual Results Variances Fav./Unf. [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard 6 lbs. @ $9 per lb. 3 hrs. @ $17 per hr. 3 hrs. @ $12 per hr. Actual 53,800 lbs. @ $9.10 per lb. 26,500 hrs. @ $17.50 per hr. $326,200 8,900 (1) Compute the standard cost per unit. (2) Compute the total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the standard cost per unit. Direct materials Direct labor Overhead Total Total cost variance D Total cost variance I Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (16 lbs. @ $3 per lb. ) Direct labor (3 hrs. @ $14 per hr.) $48 42 During June the company incurred the following actual costs to produce 8,800 units. Direct materials (142,900 lbs. @ $2.80 per lb.) Direct labor (31,100 hrs. @ $14.15 per hr.). $400, 120 440,065 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Actual Cost AQ x 142,900 X $ 2.80 $ 400,120 AQL 142,900 * X $ 428,700 SP $ 3.00 Standard Cost SQL X SP 8,000 X $ 3.00 $ 24,000 $ 28,580 404,700 $ Direct materials price variance Direct materials quantity variance Total direct materials variance 28,580 Favorable 404,700 Unfavorable Favorable (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorat Actual Cost Standard Cost $ 0 $ 0 0