Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records. Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pleces of Information Required: Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials on hand. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). S Direct Materials 2.5 lb 420 per lb. 24 b 4.10 per lb. 2,500 pans Direct Labor 1.10 hr. $ 16.00 per hr 1.20 h $ 15,50 per hr 2,500 pans $ Standard amount per pan produced Standard price Actual amount used per pan produced Actual price Actual number of pans produced and sold Direct materials price variance Direct materials quantity variance Direct materials spending variance Direct labor rate variance Direct labor efficiency variance Direct labor spending variance Prev 1 of 6 i Next > Chapter 9 Homework Saved H 2 E9-3 (Static) Preparing a Flexible Budget Performance Report (LO 9-2] 2 point Gleason Guitars produces acoustic guitars. The table below contains budget and actual Information for the month of June: (Indicate the effect of each variance by selecting "F* for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Actual Costs 225 units Spending Variance Flexible Budget 225 units Volume Variance H $ Direct Material Direct Labor Variable Overhead Fixed Overhead Total Manufacturing Costs 15,500 26.200 8.250 11,500 61.450 Master Budget 200 units $ 14.000 22.000 8.000 15.000 $ 55.000 5