Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experlencing problems as show by Its June contribution format Income statement below: *Contalns direct materlals, direct labor, and varlable manufacturing overhead. Janet Dunn, who has Just been appointed general manager of the Westwood Plant, has been given Instructions to "get things under control." Upon revlewing the plant's Income statement, Ms. Dunn has concluded that the major problem lles in the varlable cost of goods sold. She has been provided with the following standard cost per swimming pool: *Based on machine-hours. During June, the plant produced 4,000 pools and Incurred the following costs: a. Purchased 19,800 pounds of materlals at a cost of $2.55 per pound. b. Used 14,600 pounds of materials in production. (Finished goods and work in process Inventories are Insignificant and can be Ignored.) c. Worked 3,000 direct labor-hours at a cost of $6.40 per hour. d. Incurred varlable manufacturing overhead cost totaling $4,940 for the month. A total of 1,900 machine-hours was recorded. It is the company's policy to close all varlances to cost of goods sold on a monthly basis. Requlred: 1. Compute the following varlances for June: a. Materials price and quantity varlances. b. Labor rate and efficlency varlances. c. Varlable overhead rate and efficlency varlances. 2. Summarlze the varlances that you computed in requirement 1 by showing the net overall favorable or unfavorable varlance for the month. Complete this question by entering your answers in the tabs below. 1a. Compute the following variances for June, materials price and quantity variances. 1b. Compute the following variances for June, labor rate and efficiency variances. 1c. Compute the following variances for June, variable overhead rate and efficiency variances. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Complete this question by entering your answers in the tabs below. Summarize the variances that you computed in requirement 1 by showing the net overall favorable or unfavorable variance for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experlencing problems as show by Its June contribution format Income statement below: *Contalns direct materlals, direct labor, and varlable manufacturing overhead. Janet Dunn, who has Just been appointed general manager of the Westwood Plant, has been given Instructions to "get things under control." Upon revlewing the plant's Income statement, Ms. Dunn has concluded that the major problem lles in the varlable cost of goods sold. She has been provided with the following standard cost per swimming pool: *Based on machine-hours. During June, the plant produced 4,000 pools and Incurred the following costs: a. Purchased 19,800 pounds of materlals at a cost of $2.55 per pound. b. Used 14,600 pounds of materials in production. (Finished goods and work in process Inventories are Insignificant and can be Ignored.) c. Worked 3,000 direct labor-hours at a cost of $6.40 per hour. d. Incurred varlable manufacturing overhead cost totaling $4,940 for the month. A total of 1,900 machine-hours was recorded. It is the company's policy to close all varlances to cost of goods sold on a monthly basis. Requlred: 1. Compute the following varlances for June: a. Materials price and quantity varlances. b. Labor rate and efficlency varlances. c. Varlable overhead rate and efficlency varlances. 2. Summarlze the varlances that you computed in requirement 1 by showing the net overall favorable or unfavorable varlance for the month. Complete this question by entering your answers in the tabs below. 1a. Compute the following variances for June, materials price and quantity variances. 1b. Compute the following variances for June, labor rate and efficiency variances. 1c. Compute the following variances for June, variable overhead rate and efficiency variances. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Complete this question by entering your answers in the tabs below. Summarize the variances that you computed in requirement 1 by showing the net overall favorable or unfavorable variance for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)