Benson 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 22,000 units 2.80 pounds @ $1.50 per pound 2.30 hours @ $7.70 per hour $512,600 Benson purchased and used 65,420 pounds of material at an average cost of $1.56 per pound. Labor usage amounted to 48,990 hours at an average of $7.83 per hour. Actual production amounted to 22,800 units. Actual fixed overhead costs amounted to $556,600. The company completed and sold all inventory for $1,940,000. Required a. Prepare a materials 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 Benson uses the number of units as the allocation base. f. Calculate the fixed cost spending and volume variances and indicate whether they are favorable (F) or unfavorable (U). g. Determine the amount of gross margin Benson would report on the year-end Income statement. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G 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.) Materials Variance Information Table Standard price Actual price Standard quantity for flexible budget Actual quantity used per pound per pound pounds pounds Required a Required B Required c Required D Required E Required F Required G Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance). Round "Price variance" to 2 decimal places.) Price variance Usage variance Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours. (Round "Standard price" and "Actual price" to 2 decimal places.) per hour Labor Variance Information Table Standard price Actual price Standard hours for flexible budget Actual hours used per hour Required a Required B Required C Required D Required E Required F Required G Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance). Round "Price variance" to 2 decimal places.) Price variance Usage variance Required A Required B Required Required D Required E Required F Required G Calculate the predetermined overhead rate, assuming that Benson uses the number of units as the allocation base. (Round your answer to 2 decimal places.) Predetermined overhead rate per unit Required A Required B Required C Required D Required E Required F Required G Calculate the fixed cost spending and volume variances and indicate whether they are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Spending variance Volume variance Required A Required B Required C Required D Required E Required F Required G Determine the amount of gross margin Benson would report on the year-end income statement. (Round intermediate calculations to the nearest whole dollar.) Gross margin