Awning manufactures awnings and uses a standard cost system. The company allocates overhead based on the number of direct labor hours. The following are the company's cost and standardsdata

Standard price and volume Standards: Direct materials 24.0 yards per awning at $11.00 per yard Direct labor 2.0 hours per awning at $12.00 per hour Variable MOH standard rate $7.00 per direct labor hour Predetermined fixed MOH standard rate $8.00 per direct labor hour Total budgeted fixed MOH cost $21,700 Print Done Requirements 1. Calculate the standard cost of one awning. 2. Calculate the following variances: a. The direct material variances. b. The direct labor variances. c. The variable manufacturing overhead variances. d. The fixed manufacturing overhead variances. 3. Explain what each of the variances you calculated means and give at least one possible explanation for each of those variances. Are any of the variances likely to be interrelated? Print Done O X Actual results Purchased 38,400 yards at a total cost of $399,360 Used 34,900 yards in producing 1,500 awnings Actual direct labor cost of $34,727 for a total of 2,870 hours Actual variable MOH $20,377 Actual fixed MOH $26,200 Print Done