In manufacture of Prince: e. Anticipated purchase price for direct materials: 1. Prepare a sales budget for February. Bellingham Company produces a product that requires 3 standard direct labor hours per unit at a standard hourly rate of $21.00 per hour. 15,700 units used 63,700 hours at an hourly rate of $19.95 per hour. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet What is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Round your answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sigl and an unfavorable variance as a positive number. Feedback V Check My Work Unfavorable variances can be thought of as increasing costs (a debit). Favorable variances can be thought of as decreasing costs (a credit). The labor cost variance is the difference between the actual and standard labor cost. 2. Prepare a production budget for February. For those boxes in which you must enter subtracted or negative numbers use a minus sign. pound. Open spreadsheet minus sign and an unfavorable variance as a positive number. c. Desired inventories at February 28: d. Direct materials used in production: In manufacture of King: Fabric 6.0sq. yds. per unit of product Wood 38 linear ft. per unit of product Filler 4.2 cu. ft. per unit of product Springs 16 units per unit of product 3. Prepare a direct materials purchases budget for February. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Sales, Production, Direct Materials Purchases, and Direct Labor Cost Budgets concerning sales and production for February is summarized as follows: a. Estimated sales of King and Prince chairs for February by sales territory: Northern Domestic: King 610 units at $780 per unit Prince 750 units at $550 per unit Southern Domestic: King 340 units at $780 per unit Prince 440 units at $550 per unit International: King 360 units at $850 per unit Prince 290 units at $600 per unit b. Estimated inventories at February 1