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 $771 per hour. The company planned to make 7,900 dolls during the year but actually used 12,350 hours of labor to make 8,700 dolls. The payroll amounted to $98,306. Required a. Should labor variances be based on the planned volume of 7,900 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. Reg A Reg Reg Cand D Should labor variances be based on the planned volume of 7,900 dolls or the actual volume of 8.700 dolls Labor ances should be based on the planned volume. actual volume 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 $7.71 per hour. The company planned to make 7,900 dolls during the year but actually used 12,350 hours of labor to make 8,700 dolls. The payroll amounted to $98,306. Required a. Should labor variances be based on the planned volume of 7,900 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. Red A ReqB Reg C and D Prepare a table that shows the standard labor price, the actual labor price, the standard labor hours, and the actual labor hours. (Round "Standard price" and "Actual price" to 2 decimal places) Labor Variance Information Table Standard labor price per hour Actual per hour Standard hours for flexible budget Actual hours used RA Read > 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 $771 per hour. The company planned to make 7,900 dolls during the year but actually used 12,350 hours of labor to make 3,700 dolls. The payroll amounted to $98,306. Required Should labor variances be based on the planned volume of 7,900 dolls or the actual volume of 8.700 dolls? . Prepare a table that shows the standard labor price, the actual labor price, the standard labor hours, and the actual labor hours. . Compute the labor price variance and indicate whether it is favorable (F) or unfavorable (U). 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. ReqA Reg B Req8 ReqC and D Compute the labor price and labor usage variances and indicate whether they are favorable (F) or unfavorable Cu (Select None of there is no effectie, zero Variance). Round your final answers to nearest whole dollar
