Explain your approach to the problem, support your approach with references, and execute your approach. Provide an answer to the case study's question with a recommendation.

Please refer to the standard unit data for the Wolverine Company of Michigan foundhere. From the data provided, determine the following:

• Direct materials price variance (based on materials used)
• Direct materials usage variance
• Direct labor variance
• Direct labor efficiency variance

In addition, perform research with sources outside the textbook. Use these sources to define each variance category and how data for it is commonly collected. For each variance category for this specific case, discuss how you computed the value and explain its use in evaluating operational results. From your computational results, characterize whether the variances are favorable to the company or unfavorable. In this case, which two categories require management's attention as a priority? Support your view.

Superior papers will do the following:

• Determine the following: (a) Direct materials price variance, (b) Direct materials usage variance, (c) Direct labor variance, and (d) Direct labor efficiency variance.
• Define each variance category and how data for it is commonly collected.
• Provide a narrative about how the value was computed and explain its use in evaluating operational results.
• Provide a narrative about which two categories require management's priority attention and support the view.