goods sold budget, the selling and administration budget, the budgeted income statement, and the cash budget for 2023 . Skip to the end of 2023. At the end of 2023 the following actual quantities and costs were recorded: A total of 52,000 plain chairs and 10,000 customized chairs were produced and sold in 2023 at average selling prices of $85.00 and $300.00, respectively. A total of 1,100,000 feet of Poplar wood was purchased for the plain chairs at a cost of $1,056,000. A total of 275,000 feet of Red oak wood was purchased for the customized chairs at a cost of $673,750. 941,200 feet of lumber were used to produce the plain chairs, and 255,000 feet of lumber were used to create the customized chairs. 101,400 direct labor hours were traced to the plain chairs, and 63,500 direct labor hours were traced to the customized chairs. A total of $3,166,280 in wages was paid to the manufacturing workers (traced to plain $1,845,480 and customized $1,320,800 workers). Actual machine hours were 57,200 and 41,500 for the plain and customized chairs, respectively. Further, for manufacturing operations overhead actual fixed costs were $212,000, and actual variable costs were $440,877. For machine setup overhead costs, actual fixed costs were $158,500, and actual variable costs were $603,200. Plain chairs were produced in batches of 52 chairs and used 2.4 hours per batch. Customized chairs were produced in batches, on average, of 6.25 chairs and used 4.3 hours per batch. 9. a. Calculate the direct material price variance, the direct material efficiency variance, the direct labor price variance, and the direct labor efficiency variance for each of the product lines separately. Also, for each overhead activity calculate the FMOH (spending and production volume) variances for the Chair division and the VMOH (spending and efficiency) variances for the two products. b. Which of the variances that you calculated should you investigate - and why? Provide possible reasons for the variances