Clarissa McWhirter, vice-president of Cyprus Company, was pleased to see a small variance on the income statement after the trouble the company had been having in controlling manufacturing costs. She noted that the $18.570 overalt manufacturing variance reported last period was well below the 3% limit that had been set for variances. The company produces and sells a single product. The Standard cost card for the product follows: Standard Cost Card-Per Unit Direct materials, 4 metres at $2.50 per metre 19.30 Direct labour, 1.8 direct labour-hours at 511.0 per direct labour hour Variable overhead, 1.5 direct labour-hours at 52.9 per direct labour-hour Fixed overhead, 1. direct labour-hours at $5 per direct labour hour 5.22 9.00 Standard cost per unit 45.22 The following additional Information is available for the year just completed. o. The company manufactured 23.000 units of product during the year b. A total of 91200 metres of material was purchased during the year at a cost of $2.90 per metre. Al of this material was used to manufacture the 23.000 units. There were no beginning or ending Inventories for the yest c. The company worked 42.700 direct labour hours during the year at a cost of $10.90 per hout d. Overhead cost is applied to products on the basis of standard direct labour hours. Data relating to manufacturing overhead costs follow Required: 1. Compute the direct materials price and quantity variances for the year. (Indicate the effect of each variance by selecting " for favorable. "U" for unfavorable, and "None" for no effectie. zero variance).) Materials price variance Materials quantity variance 2. Compute the direct labour rate and efficiency variances for the year (indicate the effect of each variance by selecting "P" for favorable. "U" for unfavorable, and "None" for no effect be zero variance).) Labour rate variance Labour efficiency variance 3. For manufacturing overhead, compute the following: a. The variable overhead spending and efficiency variances for the year. Indicate the effect of ench variance by selecting for favorable, "U" for unfavorable, and "None" for no effectie, zero variance)) Variable overhead spending variance Variable overhead efficiency variance b. The fixed overhead budget and volume variances for the year (indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effectie, zero variance).) Fixed overhead budget variance Fond overhead volume variance 4. Compute the total variance (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None for no effect (it.. zero variance). Input all amounts es positive values.) Total variance Check my work Clarissa McWhirter, vice president of Cyprus Company was pleased to see a small variance on the income statement after the trouble the company had been having in controlling manufacturing costs She noted that the 518,570 overall manufacturing variance reported last period was well below the limit that had been set for variances. The company produces and tells a single product. The Standard cost card for the product follows: Standard Cost Card On Direct materials, tres at $2.00 per stre 11.0 19. Direct labour, 1. direct latioueurs at $11.0 per direct ROUP 5.22 Variable overhead, 1. direct labour hours at 52. direct labour hour Fixed overhead, 1. direct labour-hours at s prirect our hour Standard cost per unit 45.22 The following additional information is available for the year just completed a: The company manufactured 23.000 units of product during the year 5. A total of 200 metres of materia wos purchased during the year to cost of $2.90 per mere Al of the material was used to manulocture th= 23.000 urt There were to beginning or ending ventories for the year The company word 42.700 direct labour hours during the year at a cost of $10.90 per hour di Overhead costs oppled to products on the basis of standard direct labourhouts Defeting to manufacturing overhead coats follow Denominator activity level (direct labour-hours) Budgeted red overhead cortflexible but) Alta fised overeed costs Actual variable overhed costs 41.000 5 205.000 $ 23,450 5 125,270 Required: 1. Compute the direct mareols price and quantity Variances for the year indicate the effect of each variance by selecting for favorable. "U" for unfavorable, and "None for no effect etero variancel) Materias prie variance Naters Guantity and 2. Compute the direct labour rate and efficiency variances for the year. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effectie, zero variance).) Labour rate variance Labour efficiency variance 3. For manufacturing overhead, compute the following: 6. The variable overhead spending and efficiency variances for the year (Indicate the effect of ench variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Variable overhead spending variance Variable overhead efficiency variance b. The fixed overhead budget and volume variances for the year (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e. rero variance).) Fbud overhead budget varianco Fbud overhead volume variance 4. Compute the total variance (Indicate the effect of each variance by selecting 'F' for favorable, "U" for unfavorable, and "None for no effect (.e.. zero variance Input all amounts as positive values! Total vadiaco