Flexible Budgeting and Variance Analysis I'm Really Cold Coat Company makes women's and men's coats. Both products require filler and lining material. The following planning information has been made available: Standard Amount per Unit Women's Men's Standard Price per Coats Coats Unit Filler 4.0 Ibs. 5.20 lbs. $2.00 per lb. Liner 7.00 yds. 9.40 yds. 8.00 per yd. Standard labor 0.40 hr. 0.50 hr. time Women's Coats Men's Coats Planned production 5,000 units 6,200 units Standard labor rate $14.00 per hr. $13.00 per hr. I'm Really Cold Coat Company does not expect there to be any beginning or ending inventories of filler and lining material. At the end of the budget year, I'm Really Cold Coat Company experienced the following actual results: Women's Coats Men's Coats Actual 4,400 5,800 production Actual Price per Actual Quantity Purchased and Unit UsedUnit Used Filler $1.90 per lb. 48,000 Liner 8.20 per yd. 85,100 Actual Labor Rate Actual Labor Hours Used Women's coats $14.10 per hr. 1,825 Men's coats 13.30 per hr. 2,800 The expected beginning inventory and desired ending inventory were realized. Required: 1. Prepare the following variance analyses for both coats and the total, based on the actual results and production levels at the end of the budget year: a. Direct materials price variance, direct materials quantity variance, and total variance. ) b. Direct labor rate variance, direct labor time variance, and total variance. Round your answers to two decimal places, if necessary. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance Direct materials quantity variance Total direct materials cost variance b. Direct labor rate variance Direct labor time variance 100 III Total direct labor cost variance