Fanning's Doll Company produces handmade dolls. The standard amount of time spent on each doll is 1.50 hours. The standard cost of labor is $7.68 per hour. The company planned to make 7,800 dolls during the year but actually used 12,400 hours of labor to make 8,700 dolls. The payroll amounted to $100,564. Required a. Should labor variances be based on the planned volume of 7,800 dolls or the actual volume of 8,700 dolls? b. Prepare a table that shows the standard labor price, the actual labor price, the standard labor hours, and the actual labor hours. C. Compute the labor price variance and indicate whether it is favorable (F) or unfavorable (U). d. Compute the labor usage variance and indicate whether it is favorable (F) or unfavorable (U). Complete this question by entering your answers in the tabs below. Req A Req B Req C and D Should labor variances be based on the planned volume of 7,800 dolls or the actual volume of 8,700 dolls? Labor variances should be based on the Req A ReqB