I need help completing the table

Selina Arceo ACC 542 -Ch.7/8 Required Homework- Due Thursday, 11:59pm Cs CST date per syllabus Hill Bikes Unlimited uses a flexible budget bicycle production. You recently accepted you must review the variances and make a presentation to the compa (which is not made up of trained accountants). and standard costs to aid planning and control of its a position with Hill Bikes and as part of your duties, ny's executive committee As in the real world, sometimes things happen. Assume that the material you prepared was placed on top of some papers going into the shredder. (You know where this story is going.....) Affer you realize your mistake, you rush into the shredding room to find that some of your pages and data have been shredded. This is all that is left: Standard or budgeted costs and quantities: Direct materials Direct labor Variable OH Fixed OH 2.0 meters of aluminum at 2 hours at S15 per hour Based on DL hrs, the standard or budgeted VOH rate is $9 Based on DL hrs, the standard or budgeted FOH rate is $23 $16 per meter Total Costs allowed for the actual quantity of output (flexible budget) Direct Materials Direct Labor Variable OH $608,000 $370,000 $342,000 Variances Direct Materials Direct Labor Variable OH Fixed OH Price (or spending) variance Efficiency variance $25,000 Fav S 32.000 Unfav $30,000 Unf $30,000 Unfav $8,000 Fav $6,000 Fav Direct Materials price var per meter $o.50 Fav The Budgeted quantity of bikes is 20,000 units. B Qo Given that you presentation is coming up soon, prepare a variance analysis using the 4-way chart table (see attached template). Be sure to complete all totals along with the variances clearly marked as unfav or fav. Submit that template along with answers to the following questions. I. What was the actual quantity of bikes produced? How many meters of direct materials were actually purchased? (Hint: Use the variance and your knowledge of the budgeted price for materials to solve for actual price; then solve for the quantity.) 2. 3. Is VOH underapplied or overapplied? By how much? Is FOH underapplied or overapplied? By how much? 4. Explain the Production volume variance (PVV)? 5. Identify at least 3 of the variances (not the PVV) and explain to the executive board what the variances indicate. How is the firm doing? OH Applied (This column only for OH) Flexible Budget (AQ, x BP Dir Lab 640,000 640.000 608, D0O (AQX AP) (AQ, BP xIS) VOH (AQ, BP) x 9 Actual AQ.BQ) x BP Applied apply FOH Actual Flexible Budget Applied how apply VOl or FOH Rate =SBudgeted.Oll. BQ-Budgeted number of units EXPECTED to be made BQ, -Budgeted quantity of INPUTS for each units, INPUTS are whatever we use to "apply" or "allocate" OH. (Most likely DL hrs or MHrs.)