$50.00 Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. $4.00) 520.00 Direct Sabor (2 hrs. $15.00) 30.00 Standard prime cost per unit The actual results for the year are as follows: b. Units produced: 360,000 D. Materials purchased: 2,520,000 pounds 55.20. Materials used: 2,160,000 pounds. d. Direct labor: 648,000 hours @ $11.16 Required: 1. Compute price and usage variances for materials, Enter amounts os positive numbers and select favorable or Unfavorable Material price variance X Favorable Unfavorable Material usage variance 2. Compute the labor rate and labor efficiency variances, Enter amounts as positive numbers and select Favorable or Unfavorable Favorable Labor rate Variance Unfavorable Labor eficiency variance Flexible Budget for various levels of Production Budgeted amounts for the year: Materials 2 leather strips @ $7.00 Labor 1.5 hr. $18.00 VOH 1.5 hr. $1.20 FOH $6,800 Required: 1. Prepare a flexible budget for 3,500, 4,000, and 4,500 units. Flexible Budget Variable Cost per Unit 3,500 units 4,000 units 4,500 units $ Direct materials 7.00 X 49,000 56,000 63,000 Direct labor 18.00 X 94,500 108,000 121,500 Variable overhead 1.20 X 6,300 7,200 8,100 V Fixed overhead 6,800 6,800 6,800 Total 156,600 $ 178,000 199,400