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Actual cost and operating data from the most recent month are as follows: EE (Click the loon to view the actual rosults) All manufacturing overhead is allocated on the basis of direct labor hours Pratt Awning manufactures awnings and uses a standard cost systom. The company allocatos overhoed based on the number of direct labor hours. The following are the company's cost and standards data: Read the requirements Requirement 1. Caloulate the standard cost of one awning Standard cot Standard cost per unt Direct materials Direct labor Variable Fioxed MOH Total standard coet Requirement 2a. Calculate the direct material variances. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DM Direct materials) First determine the formula for the price variance, then oompute the price variance for direct materials x ( ) DM price variance x ( Determine the formula for the suantitv variance. then comoute the cuantitv variance for direct materials Choose from any list or enter any number in the input fields and then continue to the next question Datermine the formula for the quantity variance, then compute the quantity variance for direct materials DM quantity variance Enter aurrency amounts to the nearest cent and your answe Direct labor.) Requirement 2b. Calculate the direct labor variances. (Enter the variances as positive numbers nearest whole dollar. Label the variano, as favorable (F) or unfavorable (U). Abbreviations used: DL First determine the formula for the rate variance, then compute the rate variance for direct labor. DL. rate variance rate variance x ( First determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. ) DL efficiency variance x ( Requirement 2c. Caloulate the variable manufacturing overhoad variances. (Enter the variances as positive numbers. Enter currenoy amounts to the nearest cent and your answers to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) manufacturing overhoad. (Round interim calculations to the nearest cent) First determine the formula for the rate variance, then compute the rate variance for variable Variable overhead rate variance x ( Now compute the variable manufacturing overhead efficiency varianoe.First determine the formula for the efficienoy variance, then compute the variable manufacturing overhead. Variable overhead )officiency variance x ( Requirement 2d. Calculato the fixed manufacturing overhead variances. (Enter the variance as a positive number. Label the variance as favorable (F) or unfavorable Begin by computing the fixed manufacturing overhead budget variance. First determine the formula for the budget variance, then compute the budgot variance for fixed manufacturing overhead Fixed MOH # budget variance Now compute the fixed manufacturing overhead volume variance. First determine the formula for the volume variance, then compute the volume variance for fixed Fixed MOH # volume variance Requirement 3. Explain what each of the variances you calculated means and give at least one possible explanation for each of those variances Choose from any list or enter any number in the input fields and then continue to the next question. Al manufacturing overhead is allocated on the basis of direct labor hours he icon to view the standards.) Standard Price and Volume ent 1. Calculate the standard cost terials Standards or Direct materials 24.0 yards per awning at $16.00 per yard Direct labor 4.0 hours per awning at $10.00 per hour Variable MOH standard rate $4.00 per direct labor hour ndard cost Predetermined fixed MOH standard rate $8.00 per direct labor hour ment 2a. Calculate the direct m est whole dollar. Label the varia Total budgeted fixed MOH cost $46,000 he nearest cent and your answers to termine the formula for the price Print Done x ( ine the formula for the auantitv variance. then comoute the auantitv variance for direct materials