Adams Manufacturing Company produces a component part of a top secret military communication device. Standard production and cost data for the part, Product X, follow: Planned production Per unit direct materials Per unit direct labor Total estimated fixed overhead costs 25,000 units 1.70 pounds @ $1.70 per pound 2. 10 hours $8.00 per hour $577,500 bok Adams purchased and used 45,140 pounds of material at an average cost of $1.74 per pound. Labor usage amounted to 50,410 hours at an average of $8.06 per hour. Actual production amounted to 25.700 units. Actual fixed overhead costs amounted to $616,500. The company completed and sold all inventory for $1,960,000. Required a. Prepare a materiais variance Information table showing the standard price, the actual price, the standard quantity, and the actual quantity b. Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). c. Prepare a labor variance Information table showing the standard price, the actual price, the standard hours, and the actual hours. d. Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). e. Calculate the predetermined overhead rate, assuming that Adams uses the number of units as the allocation base. t. Calculate the fixed cost spending and volume variances and indicate whether they are favorable (F) or unfavorable (U). 9. Determine the amount of gross margin Adams would report on the year-end income statement Complete this question by entering your answers in the tabs below. Required a Required Required Required D Required e Required Required Prepare a materials variance Information table showing the standard price, the actual price, the standard quantity, and the actual quantity (Round "Standard price" and "Actual price to 2 decimal places) Materiale Variance Information Table Standard price per pound Actual price per pound Standard quantity for flexible budget pounds Actual quantity used pounds Required >