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1.) ABC Manufacturing expected to use 30,000 lbs of raw materials at a standard price of $20 per lb to produce 5,000 units. however, they actually 28,500lbs at a price of $23 per lb to produce 5,000 units. calculate and analyze the direct material cost variance (i.e., how much is price/spending variance and how much is volume/quantity variance).

2.) Generation Inc. sells vacation packages to customers, of which 60% pay in cash within the same quarter and the remaining pay cash in the next quarter. given this information, fill in the schedule of expected cash collections for the company.