Lancaster Company produced 12,000 book begs in June, and actual amounts were as follows: (Click the icon to view the actual amounts.) Lancaster's standards were as follows: Click the icon to view the standards.) Requirements 1. Compute cost and efficiency va 2. Compute the cost and volume Requirement 1. Compute cost and efficiency variances for direct materials, direct labor, and variable overhead. Select the formulas to calculate direct materials cost and efficiency variances, then enter the variance amounts and the total (Abbreviations Used: AC = actual com quantity. Label each variance as favorable (F) or unfavorable (U). Enter a "O" for any zero balances. For any $0 variances, leave the Favorable (F)unfavorable ( Formula Variance Direct materials cost variance Direct materials efficiency variance Total direct materiais variance Requirements 1. Compute cost and efficiency variances for direct materials, direct labor, and variable overhead. 2. Compute the cost and volume variances for fixed overhead. variable overhead. wariance amounts and the total. (Abbreviations used: AC = actual cost; AQ = actual quantity: FOH = fixed overhead: SC - standard cost, SQ - standard mnces. For any $0 variances, leave the Favorable (Fy/Unfavorable (U) input blank) dance 1 Data Table Direct materials (cloth) 24,400 yards @ $1.70 per yard 3,000 hours @ $9.00 per hour Direct labor Variable overhead $5,300 Fixed overhead 49,300 Print Done i Data Table - X Direct materials (cloth) 2 yard(s) per book bag @ $1.70 per yard Direct labor 0.90 direct labor hours per book bag @ $9.30 per direct labor hour Variable overhead 0.90 direct labor hours per book bag @ $2.50 per direct labor hour Fixed overhead $46,800 (0.90 direct labor hours per book bag @ $4.00 per direct labor hour based on expected production of 13,000 book bags) Print Done