Gibson'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 $7.65 per hour. The company planned to make 7,400 dolls during the year but actually used 11,500 hours of labor to make 8,000 dolls. The payroll amounted to $92,000. Required a. Should labor variances be based on the planned volume of 7,400 dolls or the actual volume of 8,000 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. Req A Req B ReqC and D Should labor variances be based on the planned volume of 7,400 dolls or the actual volume of 8,000 dolls? Labor variances should be based on the ReqA ReqB > Req A Req B Req 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 Actual price per hour per hour Standard hours for flexible budget Actual hours used Req A Req B Req C and D Compute the labor price and labor usage variances and indicate whether they are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance). Round your final answers to nearest whole dollar.) c. Total labor price variance d. Total labor usage variance