Irene's Kettle Potato Chips produces gourmet chips distributed to chain sub shops throughout California. To ensure that their chips are of the highest quality and have taste appeal, Irene has a rigorous inspection process. (Click the icon to view additional information.) Read the requirements Requirement 1. Compute two variances that help determine whether the time spent on inspections was more or less than expected. Begin by calculating the following amounts for the inspection hours. (Enter your answers to one decimal place, X.X.) Actual Pounds Actual Hours Inspected - Budgeted Pounds per Hour Standard Pounds Inspected for Actual Output + Budgeted Pounds per Hour For Inspection 225 Now compute the efficiency and quantity variances for time spent on inspections. (Enter your answers to one decimal place, X.X. Label the variance as favorable (F) or unfavorable (U).) Efficiency variance hours (1) Quantity variance hours (2) Requirement 2. Compute two variances that can be used to evaluate the percentage of the food that fails the inspection. Calculate the following amounts for the pounds that failed inspection. Actual Pounds Actual Pounds Inspected Budgeted Inspection Failure Rate Standard Pounds Inspected for Actual Output * Budgeted Inspection Failure Rate Failing Inspection Finally compute the efficiency and quantity variances for pounds of food that fail inspection. (Label the variance as favorable (F) or unfavorable (U).) lbs (3) Efficiency variance Quantity variance lbs. (4) 1: More Info For quality control purposes, Irene has a standard based on the number of pounds of chips inspected per hour and the number of pounds that pass or fail the inspection. Irene expects that for every 5,000 pounds of chips produced, 1,000 pounds of chips will be inspected. Inspection of 1,000 pounds of chips should take 1 hour. Irene also expects that 2% of the chips inspected will fail the inspection. During the month of May, Irene produced 1,200,000 pounds of chips and inspected 200,000 pounds of chips in 225 hours. Of the 200,000 pounds of chips inspected, 3,200 pounds of chips failed to pass the inspection. 2: Requirements 1. Compute two variances that help determine whether the time spent on inspections was more or less than expected. (Follow a format similar to the one used for the variable overhead spending and efficiency variances, but without prices.) Compute two variances that can be used to evaluate the percentage of the chips that fails the inspection. 2