2. Magnic Inc. manufactures woven baskets. The standard costs for the Art Style were as follows. Instructions) (a) Determine the variance analysis of direct materials by price, quantity variance. (b) Determine the variance analysis of direct labour by rate, time variance. (c) Determine the variable factory overhead variance and fixed factory overhead variance. (d) Lets assume sales are $140,000, Cost of goods sold at standard is $97,500, operating expenses are 25,000 . Make Income Statement which reflects variances from standard cost. (e) Journalize the entries for recording the quantity variance and price variance of material cost 2. Magnic Inc. manufactures woven baskets. The standard costs for the Art Style were as follows. Instructions) (a) Determine the variance analysis of direct materials by price, quantity variance. (b) Determine the variance analysis of direct labour by rate, time variance. (c) Determine the variable factory overhead variance and fixed factory overhead variance. (d) Lets assume sales are $140,000, Cost of goods sold at standard is $97,500, operating expenses are 25,000 . Make Income Statement which reflects variances from standard cost. (e) Journalize the entries for recording the quantity variance and price variance of material cost