5 CHAPTER 7 (15 marks) Use the information below to answer the following question(s). Jam Life Inc. manufactures jam products. It makes a mixed fruit and berry jam by blending strawberries, peaches, and apricots. Budgeted costs to produce 400,000 kilograms of jam in September were: Ingredient Strawberry Kilograms 80,000 kg. Input Mix % Cost per Kg. Total Cost 20% $1.25 $100,000 Peach 100,000 kg. 25% $1.80 $180,000 Apricot 220,000 kg. 55% $2.25 $450,000 Total 400,000 kg. 100% $730,000 Actual costs to produce 400,000 kilograms of jam in September were: Ingredient Kilograms Input Mix % Cost per Kg. Total Cost Strawberry 105,000 kg. 25% $1.15 $120,750 Peach 105,000 kg. 25% $1.80 $189,000 Apricot 210,000 kg. 50% $2.10 $441,000 Total 420,000 kg. 100% $750,750 REQUIRED: Solve this question using either the Template Chart method (Method 1) in the space provided or choose the Formula Method (Method 2) in the space provided. Do not do both methods. Option use of Method 1 Chart Method to show your work for the questions 1, 2, and 3. 1) What is the direct material rate variance for the strawberries that form part of the fruit jam mix? (3 marks - 1 for correct answer and 2 for showing work) 2) What is the direct material flexible budget variance for the strawberries that form part of the fruit jam mix? (3 marks -1 for correct answer and 2 for showing work) 3) What is the direct material efficiency variance for the strawberries that form part of the fruit jam mix? (3 marks - 1 for correct answer and 2 for showing work) 4) What is the direct material mix variance for the strawberries that form part of the fruit jam mix? (3 marks - 1 for correct answer and 2 for showing work) 5) What is the direct material yield variance for the strawberries that form part of the fruit jam mix? (3 marks -1 for correct answer and 2 for showing work)