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Parson Awning manufactures awnings and uses a standard cost system. The Actual cost and operating data from the most recent month are as follows company allocates overhead based on the number of direct labor hours. The EE (Click the ioon to view the actual results.) following are the company's cost and standards data: All manufacturing overhead is allocated on the basis of direct labor hours Click the icon to view the standards.) Read the requirements Requirement 1. Calculate the standard cost of one awning Standard cost Direct materials Standard cost per unit Direct labor Variable MOH Fixed MOH Total standard cost Requirement 2a.Caloulate 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 compule the price variance for direct matorials DM price variance x ( x ( Determine the formula for the auantitv variance. then comoute the ouantitv variance for direct materials Choose from any list or enter any number in the input fields and then continue to the next question. Install macOS Mojave All manufactunng overnead is alloc ds.) Read the requirements Standard Price and Volume d Standards: Direct materials 24.0 yards per awning at $18.00 per yard Direct labor 4.0 hours per awning at $11.00 per hour Variable MOH standard rate $4.00 per direct labor hour Predetermined fixed MOH standard rate $7.00 per direct labor hour Total budgeted fixed MOH cost $65,400 rect m e varia e price Print Done All manufacturing overhead is allocated ds.) Read the requirements di Actual Results Purchased 60,960 yards at a total cost of $1,066,800 Used 56,500 yards in producing 2,400 awnings Actual direct labor cost of $106,950 for a total of 9,300 hours Actual variable MOH $39,990 Actual fixed MOH $71,400 ect ma varian the Print Done price v UMDrice variance Detormine the formula for the quantity variance, then compute the quantity variance for direct materials DM quantity variance x ( Requirement 2b. Calculate the direct labor variances.(Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers t nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DL Direct labor) First determine the formula for the rate variance, then compute the rate variance for direct labor : DL rate variance x ( First determine the formula for the efficiency variance, then compute the efficiency variance for direat labor DL efficienoy variance x ( Read the requirements Requirement 2c. Calculate the variable manufacturing overhead varianoes.(Enter the variances as positive numbers. Enter aurrency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) First determine the formula for the rate variance, then compute the rate varianoe for variable manufacturing overhead. (Round interim caloulations to the nearest cent) Variable overhead rale variance x ( Now compute the variable manufacturing overhend efficiency varianoe. First determine the formula for the efficienoy variance, then compute the efficiency variance for variable manufacturing overhead Variable overhead efficiency variance x ( x ( Requirement 2d. Calculate the fxed manufacturing overhead variances. (Enter the variance as a posiive number. Label the variance as favorable (F) or unfavorable x ( Requirement 2d. Calculate 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 overhoad budget variance. First determine the formula for the budget variance, then compute the budget variance for fixed manufacturing overhead Fixed MOH budget variance Now compute the fixed manufacturing overhead volume variance. First detormine the formula for the volume variance, then compute the volume variance for fixed manufacturing overhead. Fixed MOH e volume variance Choose from any list or enter any number in the input felds and then continue to the next