Homework help with variances due today? Attached is the problem.

Yasmin Westres 17 November 2016 INDIANA CORP. INDIANA Corp. produces a product, cleverly named \"Product X\" for which the following standard costs have been established for the production of ONE unit: At the start of the year, the company did some planning and, based on market conditions and other information available, they forecasted sales of 600 units for the upcoming year. The company also has a Just-In-Time (JIT) inventory system under which materials are only ordered and units are only produced in response to customer orders. No inventories are kept and, therefore, the number of units produced always equals the number of units sold. As the year unfolded, demand for the Product X was not as strong as originally anticipated and actual production and sales amounted to 500 units. The following actual costs were incurred in connection with the production of the 500 units during the year: REQUIRED: For both direct materials AND direct labor, provide a meaningful analysis showing the following: 1. DIRECT MATERIALS a. The amount used as shown on the master planning budget 600units x 6lbs= 3,600 x $1.25per pound= $4,500 b. The flexible budget amount c. The actual cost incurred 2,900lbs x $1.30per pound = $3,770 d. The static budget variance (or total budget variance) e. The flexible budget variance (or standard cost variance) f. The price variance g. The usage (or quantity) variance h. 2 possible explanations for the price and usage variance. 2. DIRECT LABOR a. The amount used as shown on the master planning budget 600units x 3.5hrs= 2,100hrs x $12=$25,200 b. The flexible budget amount c. The actual cost incurred 1,500hrs x $11.50 per hr =$17,250 d. The static budget variance (or total budget variance) e. The flexible budget variance (or standard cost variance) f. The rate variance g. The efficiency variance h. 2 possible explanations for the price and usage variance