Lancaster Company produced 6,000 book bags 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 variances for direct materials, direct labor, and variable overhead 2. Compute the cost and volume variances for fixed overhead Requirement 1. Computo 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 cost, AQ = actual quantity: FOH = fixed overhead, SC = standard cost, SQ = standard quantity Label och variance as favorable (F) or unfavorable (U) Enter a "0" for any zero balances. For any S0 variances, leave the Favorable (FYUnfavorable (U) input blank.) Formula Variance Direct materials cost variance Direct materials efficiency variance = Total direct materials variance Next, select the formulas to calculate direct labor cost and efficiency variances, then enter the variance amounts and the total (Abbreviations used. Ac = actual cost , AQ E actual quantity: FOH = fixed overhead, SC = standard cost: SQ = standard quantity Label each variance as favorable (F) or unfavorable (U). Formula Variance Direct labor cost variance Direct labor efficiency variance Total direct labor variance Finally, select the formulas to calculate the variable overhead cost and efficiency variances, then enter the variance amounts and the total (Abbreviations used AC actual cost: AQ - actual quantity: FOH = fixed overhead, SC = standard cost SQ = standard quantity: VOH = varable overhead) Formula Variance VOH cost variance Choose from any list or enter any number in the input fields and then continue to the next question Lancaster Company produced 6,000 book bags 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) Label each variance as favorable (F) or unfavorable (U).) 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 Formula Variance Direct labor cost variance Direct labor efficiency variance Total direct labor variance Finally, select the formulas to calculate the variable overhead cost and efficiency variances, then enter the variance amounts and the total (Abbreviations used AC = actual cost. AQ - actual quantity, FOH - fixed overhead, SC standard cost, SQ - standard quantity: VOH - variable overhead) Formula Variance VOH cost variance VOH efficiency variance Total variable overhead variance Requirement 2. Compute the cost and volume variances for fixed overhead. Select the formulas to calculate the fixed overhead cost and volume variances, then enter the variance amounts and the total (Abbreviations used Ac actual cost de actual quantity: FOH = fixed overhead SC = standard cost S - standard quantity Label each variance as favorable (F) or unfavorable (U). Enter a "O" for any zero balances For any 50 variances, leave the Favorable (FW Unfavorablo (O) input blank.) Formula Variance FOH Cost variance FOH volume variance Total fixed overhead variance Choose from any list or enter any number in the input Helds and then continue to the next question 2 Data Table overhead Requireme 1. Con 2. Con N Direct materials (cloth) Direct labor 12,100 yards @ $1.50 per yard 2,800 hours @ $6.00 per hour $5,700 36,100 Variable overhead Fixed overhead Print Done cost, AQ = actual Jabel each variand i Data Table ed Direct materials (cloth) 2 yard(s) per book bag @ $1.50 per yard Direct labor 0.80 direct labor hours per book bag @ $6.30 per direct labor hour Variable overhead 0.80 direct labor hours per book bag @ $2.30 per direct labor hour Fixed overhead $33.600 (0.80 direct labor hours per book bag @ $6.00 per direct labor hour based on expected production of 7,000 book bags) Print Done actual cost/AQ - actual quantity: FoH fixed overhead: SC standard cost SQ = standard quantity Label each variance as