2 E9-2 (Algo) Preparing Flexible Budget for Manufacturing Costs [LO 9-2] Olive Company makes silver belt buckles. The company's master budget appears in the first column of the table. 1.87 points Required: Complete the table by preparing Olive's flexible budget for 5,500, 7,500, and 8,500 units. (Round your intermediate calculations to 2 decimal places.) eBook Hint Print Master Budget Flexible Budget Flexible Budget Flexible Budget (6,500 Units) (5,500 Units) (7,500 Units) (8,500 Units) $ 1,300 Direct materials References Direct labor 3,900 1,950 Variable manufacturing overhead Fixed manufacturing overhead 17,400 Total manufacturing cost $ 24,550 4 Betty's Bakery has the following standard cost sheet for one unit of its most popular cake: 1.87 points Direct materials Direct labor SO 1.2 pounds 0.8 hours SP $ 1.50 per pound $12.00 per hour eBook During the month of May, the company made 860 cakes and incurred the following actual costs. Direct materials purchased and used (1,260 pounds) $1,638 Direct labor (920 hours) $10,580 Print References Required: 1. Calculate the direct materials price variance. 2. Calculate the direct materials quantity variance. 3. Calculate the direct materials variance, 4. Calculate the direct labor rate variance. 5. Calculate the direct labor efficiency variance. 6. Calculate the direct labor spending variance. (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).) 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