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Graded Homework 5 Standard Costing and Variance Analysis Aunt Ella Co. manufactures silicon cookie molds with celebrity silhouettes. Each mold requires the same amount of resources, and all units are the same size. Based on the company's static budget, the following information is available for 2019: Budget Expected production and sales 8,000 units Direct materials 160,000 ounces Direct manufacturing labor 4,800 hours Total xed costs $135,000 Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor: Standard Unit Standard Quantity Standard Price Cost Direct materials 20 ounces $1.1 per ounce $22.0 Direct manufacturing labor 0.6 hours $26 per hour $15 .6 During 2019, the actual number of molds produced and sold was 7,400, with the actual cost of direct materials used being $147,408 (based on 122,840 ounces purchased at $1.2 per ounce). Direct manufacturing labor-hours actually worked were 4,144 - at the rate of $24.5 per hour - resulting in $101,528 of actual direct manufacturing labor costs. Actual xed costs were $128,000, and there were no beginning or ending inventories. 1. Calculate the sales-volume variance and exible-budget variance for operating income. Hint: Note that you do not have enough information to calculate a revenue variance. You can calculate the operating income variance as the sum of the cost variances. 2. Compute price and efciency variances for direct materials and direct manufacturing labor