Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below Standard Quantity or Hours 7.50 pounds Standard Price Standard or Rate $2.40 per pound $7.00 per hour Cost Direct materials Direct labor $18.00 $ 5.60 0.80 hours During the most recent month, the followingg activity was recorded a. Thirteen thousand two hundred and fifty pounds of material were purchased at a cost of $2.20 per pound b. All of the material purchased was used to produce 1.500 units of Zoom. c. 1000 hours of direct labor time were recorded at a total labor cost of $9.000 Required: 1 Compute the materials price and quantity variances for the month. 2 Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e.. zero variance). Input all amounts as positive values. Round your intermediate calculations to the nearest whole dollar.) Materials price varance 1 Materials quantity variance Labor rate variance 2 Labor efficiency variance Next Prev Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below Standard Quantity or Hours 6.40 pounds e.40 hours Standard Price Standard or Rate Cost $19.20 $ 4.40 Direct materials $ 3.00 per pound $11.00 per hour Direct labor During the most recent month, the following activity was recorded a. Twelve thousand four hundred pounds of material were purchased at a cost of $2.90 per pound b. The company produced only 1,240 units, using 11,160 pounds of material. (The rest of the material purchased remained in raw materials inventory) C 596 hours of direct labor time were recorded at a total labor cost of $7152 Required: Compute the materials price and quantity variances for the month (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e.. zero variance). Input all amounts as positive values.) Materials price variance Materials quantity variance You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and "do what you can to help us get better control of our manufacturing overhead costs You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March: Actual Cost in Cost Formula March Utilities Maintenance Supplies Indirect labor Depreciation $16,800 $0.18 per machine-hour $38,800 $1.90 per machine-hour se.80 per tachine-hour $94,000 $1.90 per machine-hour $68,500 $ 22,560 $ 74,400 $ 17,400 $136,700 $ 70,200 During March, the company worked 20,000 machine-hours and produced 14,000 units. The company had originally planned to work 22.000 machine-hours during March Required: 1 Prepare a flexible budget for March 2. Prepare a report showing the spending variances for March Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a flexible budget for March. (Input all amounts as positive values.) FAR CornOrstinn LUI LAM During March, the company worked 20000 machine-hours and produced 14,000 units. The company had originally planned to work 22,000 machine-hours during March Required: 1. Prepare a flexible budget for March 2. Prepare a report showing the spending variances for March Complete this question by entering your answers in the tabs below. ces Required 1 Required 2 Prepare a flexible budget for March. (Input all amounts as positive values.) FAB Corporation Flexible Budget For the Month Ended March 31 Machine-hours Utities Maintenance Supplies Indirect labor Depreciation Total 22,000 machine-hours during March Required: 1. Prepare a flexible budget for March 2. Prepare a report showing the spending variances for March Complete this question by entering your answers in the tabs below. k Required 1 Required 2 nces Prepare a report showing the spending variances for March. (Indicate the effect of each variance by selecting "F" favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. FAB Corporation Spending Variances For the Month Ended March 31 Utilities Maintenance Supplies Indirect labor Depreciation Total Required 1