A4:F119Turkey Corp est+A4:F30ablied the following monthly standards per unit of its 10,000 unit budgeted production. Input Price Input Qty per Unit of Output Per Unit Cost at 10,000u Total Budget Cost at 10,000u Direct Material Direct Labor $4.40 $31.00 per lb 11 $48.40 $484,000.00 per hour 0.6 $18.60 $186,000.00 Fixed Overhead $210,000 total n/a $21.00 $210,000.00 This month Turkey Corp had the following results. Direct Material Direct Labor Fixed Overhead Output Activity 105,000 lbs Actual Cost 4,900 hrs 9,850 units ssss $ 465,000 $ 154,350 $ 195,000 $ 814,350 3 Volume Variance Method 1 Method 2 Efficiency Variance Method 1 Method 2 Price Variance Method 1 What are the Direct Material Variances? Complete both methods. Indicate if they are Favorable or Unfavorable. "Output Flex Budget": the standard amount they would have expected to pay for the actual output -"Master (Static) Budget": the amount they originally expected to pay for expected output = Volume Variance [+ More Cost Spent/ - Less Cost Spent] (For U) How many extra or (fewer) units were requested by the Sales Manager? x How much direct material ($) did they expect to spend per unit? =Volume Variance [+ More Cost Spent/ - Less Cost Spent] (For U ) "Input Flex Budget": the amount they would have expected to pay on the pounds of direct material used - "Output Flex Budget": the standard amount they would have expected to pay to make the actual output = Efficiency Variance [+ More Material Used/- Less Material Used] (For U) How much direct material (lbs) did the Production Manager use? - How much material (lbs) should the Prodn Mgr have used to fulfill the Sales Mgr's actual output? = Excess or (Savings) of Input Quantity Used (lbs) x How much $ did they expect to spend per lb of material? = Efficiency Variance [+ More Material Used / - Less Material Used] (For U) "Actual": the amount that the company spent on the direct material purchased - "Input Flex Budget": the amount they would have expected to pay on the pounds of material used Price Variance [+ More Cost/ - Less Cost] = (For U)