Fulton Company produced 5,000 book bags in June, and actual amounts were as Fulton's standards were as follows follows Direct materials (cloth) Direct labor Variable overhead Fixed overhead 5,600 yards 2,600 hours $1.80 per yard $15.00 per hour Direct materials (cloth) Direct labor Variable overhead Fixed overhead 1 yard(s) per book bag $1.80 per yaro 0.60 direct labor hours per book bag@ $15.30 per direct labor hour 0.60 direct labor hours per book bag@ $2.20 per direct labor hour $18,000 (0.60 direct labor hours per book bag$5.00 per direct labor hour) $ 4,900 20,000 Requirement 1. Compute cost and efficiency variances for direct materials, direct labor, and variable overhead Select the formulas to calculate direct materials cost and efficiency variances, then enter the variance amounts and the total. (Abbreviations used: AC actual cost AQ = actual quantity: FOH = fixed overhead; SC = standard cost SQ = standard quantity. Label each variance as favorable (F) or unfavorable (U). Enter a "0" for any zero balances. For any $0 variances, leave the Favorable (F/Unfavorable (U) input blank.) ormu Variance Direct materials cost variance (AC -SC)x AQ Direct materials efficiency variance Total direct materials variance Next, select the formulas to calculate direct labor cost and efficiency variances, then enter the variance amounts and the total. (Abbreviations used: AC actual cost AQ = actual quantity: FOH = fixed overhead: SC = standard cost SQ = standard quantity. Label each variance as favorable (F) or unfavorable (U).) Formula Variance Direct labor cost variance Direct labor efficiency variance Total direct labor variance Finally, select the formulas to calculate the variable overhead cost and efficiency variances, then enter the variance amounts and the total. (Abbreviations used: AC = actual cost AQ = actual quantity: FOH = fixed overhead. SC = standard cost SQ = standard quantity: VOH = variable overhead.) ormu Variance VOH cost variance VOH efficiency variance- Total variable overhead variance Requirement 2. Compute the cost and volume variances for fixed overhead Select the formulas to calculate the fixed overhead cost and volume variances, then enter the variance amounts and the total. (Abbreviations used: AC = actual cost AQ = actual quantity; FOH = fixed overhead; SC-standard cost; SQ = standard quantity. Label each variance as favorable (F) or unfavorable (U). Enter a "0" for any zero balances. For any $0 variances, leave the Favorable (F)/Unfavorable (U) input blank.) Formula Variance FOH cost variance FOH volume variance - Total fixed overhead variance