In orderto properly track costs, Sweet Wave Bakery uses very stringent standard costs in evaluating efficiency. Management is working hard to make these costs precise, but they have not yet achieved this goal. Currently, they use the following standards: Cost Flour 1 lb. .53 per pound Sugar 12 oz. 1.00 per pound Butter .88 per pound Direct Labor mm Cost Labor 15 min. $8.00 per hour - Predetermined overhead rate based on direct labor hours $4.28 The January figures for purchasing, production, and labor are: The company purchased 229,000 pounds of raw materials in January at a cost of 78 a pound. Production used 229,000 pounds of raw materials to make 115,500 units in January. Direct labor spent 18 minutes on each product at a cost of $7.80 per hour. Overhead costs for January totaled $54,6Y3 variable and $73,800 fixed. Material Lbs per unit X Price per lb. Metal 1.00 X $0.63 = $0.63 Plastic .?5 X 1.00 = 0.?5 Rubber .25 X 0.88 = M Total 2. 0 lbs $1.50 = $0.30llb. Instructions Answer the following questions about standard costs. Type your responses with no commas. For the labor rates, use 2 decimal places A. What is the materials price variance? Materials Price Variance: Actual Quantity x Actual Price Equals Standard Actual Quantity X Equals Price LESS: Favorable/Unfavorable TotalB. What is the materials quantity variance? Standard quantity: Units produced x Total pounds per unit Standard Actual Quantity X Equals Price Standard Standard X Equals Quantity Price LESS: Favorable/Unfavorable TotalWhat is the total material C. variance? Actual Quantity x Actual Price Equals Standard Standard X Equals Quantity Price LESS: Favorable/Unfavorable TotalD. What is the labor price variance? Actual hours: Units produced x actual hours hint: 18min/60min = used actual hours used Actual Hours x Actual Rate Equals Actual Hours x Standard Rate Equals LESS: Favorable/Unfavorable TotalE. What is the labor quantity variance? Standard hours: Units produced x standard hours worked Actual Hours x Standard Rate Equals Standard Hours x Standard Rate Equals LESS: Favorable/Unfavorable TotalF. What is the total labor variance? Actual Hours x Actual Rate Equals Standard Hours x Standard Rate Equals LESS: Favorable/Unfavorable TotalG. What is the total overhead variance? Standard hours allowed: Units produced x .25 hours Overhead applied: Predetermined overhead rate x standard hours allowed Actual (Hint: variable+ fixed) Overhead LESS: Overhead Applied Equals: Total Overhead Favorable/Unfavorable variance