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1. Outdoor Optics Company produces binoculars of two quality levels: field and professional. The field model requires two direct-labor hours, while the professional binoculars require four hours. The firm uses direct-labor hours as the activity level for flexible budgeting. Required: How many standard hours are allowed in May, when 900 field models and 1,000 professional binoculars are manufactured? The controller for Rainbow Children's Hospital, located in Munich, Germany, estimates that the hospital uses 44 kilowatt-hours of electricity per patient-day, and that the electric rate will be .32 per kilowatt-hour. The hospital also pays a fixed monthly charge of 3,900 to the electric utility to rent emergency backup electric generators.* *The European monetary unit , the euro, is used by most European countries. Required: Construct a flexible budget for the hospital's electricity costs using each of the following techniques. 1. Formula flexible budget. (Round per unit rate to 2 decimal places.) Total budgeted Budgeted variable monthly overhead= overhead cost per cost activity unit 2. Columnar flexible budget for 49,000, 59,000, and 69,000 patient-days o activity. Patient Days 49,000 Variable 59,000 electricity cost Fixed electricity cost Total electricity cost Ice Box Gourmet, Inc., produces containers of frozen food. During April, The company produced 790 cases of food and incurred the following actual costs. Variable overhead Fixed overhead Actual labor cost (4,500 direct-labor hours) Actual material cost (12,500 pounds purchased and used) $ 7,000 21,600 93,150 27,500 Overhead is budgeted and applied using direct-labor hours. Standard cost and annual budget information are as follows: Standard Costs per Case Direct labor (5 hours at $20) Direct material (15 $ 100.00 28.50 pounds at $1.90) Variable overhead (5 hours at $1.60) Fixed overhead (5 hours at $4) Total 8.00 20.00 $ 156.50 Annual Budget Information Variable overhead Fixed overhead Planned activity for year $ 80,000 $ 240,000 Required: 1. Direct-material price variance Direct-material purchase price variance Direct-material quantity variance Direct-labor rate variance Direct-labor efficiency variance Variable-overhead spending variance Variable-overhead efficiency variance Fixed-overhead budget variance direct-labor hours 65,000 Compute the following cost variances from the available data. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance). Do not round intermediate calculations. Round "Variable-overhead efficiency variance" to 2 decimal places.) Fixed-overhead volume variance