Flying High Company manufactures model airplanes. During the month, it manufactured 10,000 airplanes. Each one used an average of 6.5 direct labor hours and an average of 1.5 sheets of aluminum. Materials and labor standards for making the airplanes are: Direct Materials (2 sheet of aluminum @ $10,00) $20,00 Direct Material (other accessories @ $8.75) 88.75 Direct Labor (6.5 hours @ $7,000) 45.50 Refer to Figure 10 -1, Compute the standard hours allowed for a volume of 10,000 airplanes.60,000 hours 420,000 hours 70,000 hours 65,000 hours Refer to Figure 10-1. Compute the standard number of sheets of aluminum allowed for a volume of 10.000 airplanes, 20,000 sheets 10,000 sheets 15,000 sheets 11, .250 sheets Seaside Company produces picture frames. During the year 190.000 picture frames were produced. Materials and labor standards for producing the picture frames are as follows: Direct materials (2 pieces of wood @ $2.50) S5.00 Direct labor (2 hours @ SI0) $20.00 Seaside purchased and used 400.000 pieces of wood at $2.00 each and its actual labor hours were 360.000 hours at a wage rate of SI 0.50. 29. Refer to Figure 10-5. What is the materials price variance? $230,000 F $212, 500 U $200,000 F $170,000 U Refer to Figure 10-5. What is the materials usage variance? $62, 500 F $50,000 U $45,000 F $50,000 F