Inputs Standard Actual Direct Materials Square yards Price per sq. yard Direct Labor Hours Rate per hour Factory Overhead Variable cost Fixed cost Variable factory overhead rate Fixed factory overhead rate Normal productive capacity (hours) Outputs Direct Materials Variances Price variance (F) (Actual Price - Standard Price) x Actual Quantity Quantity variance (U) (Actual Quantity - Standard Quantity) x Standard Price Direct materials cost variance (U) Sum Direct Labor Variances Rate variance (U) (Actual Rate per Hour - Standard Rate per Hour) x Actual Hours Time variance (U) (Actual Hours - Standard Hours) x Standard Rate per Hour Direct labor cost variance (U) Sum Factory Overhead Variances Variable factory overhead controllable (F) Actual Variable Factory Overhead - Budgeted Variable Factory Overhead Fixed factory overhead volume (U) (Normal Capacity in Hours - Standard Hours for Actual Units) x Fixed Factory Overhead Rate Factory overhead cost variance (U) Sum a. Follow the text illustration to complete the inputs section. b. Follow the text illustration to develop the formulas for the variance calculations