\begin{tabular}{l} Samson Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit co \\ (Click the icon to view the cost data.) \\ Read the requirements. \\ Requirements \\ \begin{tabular}{|l} 1. Compute the price and quantity variances for direct materials. \\ 2. Compute the rate and efficiency variances for direct labor. \\ 3. Compute the rate and efficiency variances for variable overhead. \\ 4. Compute the fixed overhead budget variance and the fixed overhead volume \\ variance. \\ 5. Company management intentionally purchased superior materials for \\ November production. How did this decision affect the other cost variances? \\ Overall, was sthe decision wise? Exppain. \\ 6. Juburailez the esage of direct materials and the assignment of direct labor, \\ including the related variances. \end{tabular} \\ \hline \end{tabular} Requirement 4. Compute the foxed overhead budget variance and the foced overhead volume variance. (Enter the variances as positive numbers. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: MOH = Manufacturing overhead) Determine the formula for the fixed overhead budget variance, then compute the budget variance for fixed overhead. Fixed MOH Determine the formula for the fixed overhead volume variance, then compute the volume variance for fixed overhead. Requirement 5. Anders's management intentionally purchased superior materials for November production. How did this decision affect the other cost variances? Overall, was the decision wise? Explain. The favorable variances more than offset the unfavorable variances. If the superior materials purchased for the November production decreased materials and labor usage, then management's decision was Requirement 6. Journalize the usage of direct materials and the assignment of direct labor, including the related variances explanations from any journal entries.) First journalize the purchase of direct materials, including the related variance. Requirement 1. Compute the price and quantity variances for direct materials. (Enter the variances as positive numbers. Enter currency amounts to the ne and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials.) Begin by determining the formula for the price variance, then compute the price variance for direct materials. x(x()=DMpricevariance)= Now determine the formula for the quantity variance and compute the quantity variance for direct materials. Requirement 2. Compute the rate and efficiency variances for direct labor. (Enter the variances as positive numbers. Enter currency amounts to the neares: your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: DL = Direct labor.) Determine the formula for the rate variance, then compute the rate variance for direct labor. Determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. Requirement 3. Compute the rate and efficiency variances for variable overhead. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U).) Determine the formula for the rate variance, then compute the variable manufacturing overhead rate variance. Variable overhead Determine the formula for the efficiency variance, then compute the variable overhead efficiency variance. Variable overhead xxi