I have a very hard time with variances and can't seem to get them right. can someone help me with this? I failed a quiz using this info and would like help to see what I did wrong.

16 Actual Fixed factory overhead 17 Standard variable factory overhead rate 18 Budgeted fixed overhead 19 Units completed during the period $18,200.00 $3.80 per labor hour $18,400.00 4,950 21 You have just been hired by a local plastic pool manufacturer to determine if they are controlling their costs. 22 You have decided to use your recent knowledge of variance analysis to assist you in this endeavor. 23 You will analyze the variances as stated in the requirements below 25 Required: Make sure you do not forget to label each variance U or F. You need to use cell references for your calculations. Variance U or F 27 1. Calculate the direct materials price and quantity variance. Material purchase price variance -Material price variance should be based on material purchased, since you want 28 to isolate the variance as soon as possible. Material Quantity variance - Material Quantity variance should be based on materials used, since this is 29 monitoring the production efficiency. 30 2. Calculate the direct labor rate and efficiency variances. 31 Direct Labor rate variance 32 Direct Labor Efficiency variance 33 3. Variable manufacturing overhead spending and efficiency variances. 34 Variable overhead spending variance 35 Variable overhead efficiency variance 36 4. Fixed manufacturing overhead budget variance. 37 Fixed Manufacturing overhead budget variance 38 5. Pick out the one most significant variance that you computed above and explain the possible causes of this variance and why you chose it! OverviewFinalProject Part1 BudgetSolution Part 2 Part3 Part 4 O Type here to search File Home Insert Page Layout Formulas Data Review View Help Search A1 x for Part 3 Part 3 2 Foster Corporation uses a standard cost system. There is no beginning or ending work in process, and finished goods inventory balances 3 The following information was provided concerning the one product produced by this company for the period that just ended: This company used Direct labor hours as the cost driver for the application of overhead. $2.95 31.400 31,900 $17.50 4,900 labor hrs. $2.97 6 6 Actual price per kilogram 7 Actual kilograms of material used 8 Actual kilograms of material purchased 9 Actual hourly labor rate 10 Actual hours of production 11 Standard price per kilogram 12 Standard kilograms per completed unit 13 Standard hourly labor rate 14 Standard time per completed unit 15 Actual Variable factory overhead 16 Actual Fixed factory overhead 17 Standard variable factory overhead rate 18 Budgeted fixed overhead 19 Units completed during the period $17.80 1 Hour $17,400.00 $18,200.00 $3.80 per labor hour $18,400.00 4,950 21 You have just been hired by a local plastic pool manufacturer to determine if they are controlling their costs 22 You have decided to use your recent knowledge of variance analysis to assist you in this endeavor. 23 You will analyze the variances as stated in the requirements below. 24 25 Required: Make sure you do not forget to label each variance U or F. You need to use cell references for your calculations. Variance U or F 27 1. Calculate the direct materials price and quantity variance. Material purchase price variance -Material price variance should be based on material purchased, since you want OverviewFinalProject Part1 BudgetSolution Part 2 Part3 Part 4 Type here to search