Campbell Soup Company (CPB) is a U.S. manufacturer and marketer of high-quality, branded food and beverage products. In 2018, CPB announced its vision to be a leading snacks and simple meals company, with a portfolio of best-in-class products and brands, and to pursue increased, multi-year cost savings initiatives. CPB provides selected financial data for fiscal year 2019: 377 From the Income Statement (In million dollars) FY 2018 FY 2019 Net sales $ 7,890 $ 8,700 Costs and expenses Cost of goods sold 4,734 5,394 Sales and marketing 902 Administrative expenses 654 R&D expenses 111 110 Other general expenses 457 422 Total cost and expenses 6,707 7,482 Operating income $ 1,184 $ 1.218 From the 2019 Balance Sheet (In million dollars) Beginning Ending Cash $ 319 $ 226 Accounts receivable, net 605 783 Raw materials inventory 244 Finished goods inventory 525 Other current assets 74 Plant assets, net of depreciation 2,454 3,233 Intangible assets, net of amortization 3,233 8,776 Other assets 139 224 Total assets $ 7,726 $14,161 855 550 589 86 8. (10 points) Use the following to complete the table right below. Show your work using cell-referencing for full credit. Indicate whether each amount is unfavorable or favorable (U/F). Based on planned production of Standard Standard Standard Based on actual production of Total Actual 30,000 units Price Quantity Cost 28,000 units Cost Quantity Direct materials (ounces) $ 0.05 20 $ 1.00 Direct materials purchased $36,400 700,000 Direct labor (labor hours) $ 16.00 0.01 $ 0.16 Direct materials used 690,000 Variable overhead (machine hours) $ 4.00 0.02 $ 0.08 Direct labor $ 5,220 290 Subtotal $ 1.24 Variable overhead $ 2,750 550 Total fixed overhead of $240,000 based on 30,000 units Total fixed overhead of $266,000 based on 28,000 units a. Direct material price variance b. Direct material efficiency variance c. Direct labor price variance d. Variable overhead efficiency variance e. Fixed overhead volume variance