I'm Really Cold Coat Company does not expect there to be any beginning or ending inventories of filler and lining material. At the end of the budget year; I'm Really Cold Coat Company experienced the following actual results: The expected beginning inventory and desired ending inventory were realized. Flexible Budgeting and Variance Analysis OB]. 1,2,3 I'm Really Cold Coat Company makes women's and men's coats. Both products require filler and lining material. The following planning information has been made available: 1. Prepare the following variance analyses for both coats and the total, based on the actual results and production levels at the end of the budget year: a. Direct materials price, quantity, and total variance Check figure: Direct materials price variance, $12,220 U b. Direct labor rate, time, and total variance 2. Why are the standard amounts in part (1) based on the actual production at the end of the year instead of the planned production at the beginning of the year? Total DM Cost Variance check figure formula 0 0 LABOR Total DL Cost Variance: Women's Men's Total Actual Cost Standard Cost Total DL Cost Variance DL Rate Variance Women's Men's Total Actual Rate Standard Rate - Rate Variance x Actual Time DL Rate Variance DL Time Variance Women's Men's Total Actual Time less: Standard Time* - Time Variance x Standard Rate DM Quantity Variance Required 2: Why are the standard amounts abovve based on the actual production at the end of the year instead of the planned production at the beginning of the year? Required 1: Calculate the DM \& DL price. quantitv and total variance