Emerald Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2017 (Click the icon to view the static budget data) Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor Click the icon to view the data.) Read the requirements Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income Begin with the actual results, then complete the flexible budget columns and the static budget columns Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance make sure to enter "O" in the appropriate field. If the variance is zero, do not select a label.) Actual Static Flexible-Budget Variance Flexible Budget Sales-Volume Variance Results Budget Output units Revenues Direct materials Direct manufacturing labor Fixed costs d ---- Read the requirements. information is from the static budget for 2017 (Click the icon to view the static budget data) Direct manufacturing labor Fixed costs Total costs Operating income Requirement 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. Compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance Compute the price and efficiency variances for direct manufacturing labor Label each variance as favorable (F) or unfavorable (U) Price variance Efficiency variance Choose from any list or enter any number in the input fields and then continue to the next question Save for Later ares bust statues of famous historical Standard quantities, standard prices, a ame size. Each unit requires the same for direct materials and direct manufac ollowing information is from the static (Click the icon to view the data.) he static budget data.) Read the requirements. s, then complete the flexible budget columns and the static budget columns. Label ea riances wil variand Data Table Stat Budg 7,000 units Expected production and sales Expected selling price per unit Total fixed costs $ 680 $ 1,400,000 Print Done bor or enter any number in the input fields and then continue to the next question. 23 MacBo. F2 so F3 F4 F5 FG # $ % n 2 3 4 5 6 0 Data Table Standard Quantity Standard Price Standard Unit Cost Direct materials 10 pounds $8 per pound $80 Direct manufacturing labor 3.7 hours $50 per hour $185 During 2017, actual number of units produced and sold was 4800, at an average selling price of $720. Actual cost of direct materials used was $392,700, based on 66,000 pounds purchased at $5.95 per pound. Direct manufacturing labor-hours actually used were 18,300, at the rate of $48.00 per hour. As a result, actual direct manufacturing labor costs were $878,400. Actual fixed costs were $1,170,000. There were no beginning or ending inventories. Print Done ame any list or enter any number in the input fields and then continue to the next question. Emerald Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2017 (Click the icon to view the static budget data) Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor Click the icon to view the data.) Read the requirements Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income Begin with the actual results, then complete the flexible budget columns and the static budget columns Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance make sure to enter "O" in the appropriate field. If the variance is zero, do not select a label.) Actual Static Flexible-Budget Variance Flexible Budget Sales-Volume Variance Results Budget Output units Revenues Direct materials Direct manufacturing labor Fixed costs d ---- Read the requirements. information is from the static budget for 2017 (Click the icon to view the static budget data) Direct manufacturing labor Fixed costs Total costs Operating income Requirement 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. Compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance Compute the price and efficiency variances for direct manufacturing labor Label each variance as favorable (F) or unfavorable (U) Price variance Efficiency variance Choose from any list or enter any number in the input fields and then continue to the next question Save for Later ares bust statues of famous historical Standard quantities, standard prices, a ame size. Each unit requires the same for direct materials and direct manufac ollowing information is from the static (Click the icon to view the data.) he static budget data.) Read the requirements. s, then complete the flexible budget columns and the static budget columns. Label ea riances wil variand Data Table Stat Budg 7,000 units Expected production and sales Expected selling price per unit Total fixed costs $ 680 $ 1,400,000 Print Done bor or enter any number in the input fields and then continue to the next question. 23 MacBo. F2 so F3 F4 F5 FG # $ % n 2 3 4 5 6 0 Data Table Standard Quantity Standard Price Standard Unit Cost Direct materials 10 pounds $8 per pound $80 Direct manufacturing labor 3.7 hours $50 per hour $185 During 2017, actual number of units produced and sold was 4800, at an average selling price of $720. Actual cost of direct materials used was $392,700, based on 66,000 pounds purchased at $5.95 per pound. Direct manufacturing labor-hours actually used were 18,300, at the rate of $48.00 per hour. As a result, actual direct manufacturing labor costs were $878,400. Actual fixed costs were $1,170,000. There were no beginning or ending inventories. Print Done ame any list or enter any number in the input fields and then continue to the next