Gibson Manufacturing Company produces a component part of a top secret military communication device. Standard production and cost data for the part, Product X, follow: Planned production Per unit direct materials Per unit direct labor Total estimated fixed overhead costs Gibson purchased and used 81,120 pounds of material at an average cost of $1.54 per pound. Labor usage amounted to 58,470 hours at an average of $8.26 per hour. Actual production amounted to 29,500 units. Actual fixed overhead costs amounted to $709,900. The company completed and sold all inventory for $1,930,000. Required a. Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity. b. Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). c. Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours. d. Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U) e. Calculate the predetermined overhead rate, assuming that Gibson uses the number of units as the allocation base. f. Calculate the fixed cost spending and volume variances and indicate whether they are favorable (F) or unfavorable (U). g. Determine the amount of gross margin Gibson would report on the year-end income statement. E < Prev LI T R 29,000 units 2.70 pounds@1.50 per pound 2.10 hours@s 8.20 per hour $ 669,900 Y 4 of 5 A Next > ENG 3:47 PM 10/22/2023 G