MONTANA CORPORATION has the following standard cost sheet for its main product Direct materias Direct labor Vanable overhesd Faed overhead 2 feet at 0.5 hours at 0.5 hours at 0.5 hours at 55 per foot $10 parhour 52 per hour 54 per hour $5 $1 $2 Standand unit cost $18 The fixed and variable overhead rates were based on expected activity of 2,500 hours, During the year, the following actual results were recorded: Actual resuts for Production Direct materiais purchases Direct labor Variable overhead Fined overhead 6,000 units 61,100 29,580 $6,000 $10,500 11,750 feet purchased-11,000 feet used 2.900 hours REQUIRED 1. Compute the direct materials price and usage variances, and the direct labor rate and efficiency variances. Record the journal entries using standard costing. For direct materials, do the variances for the following 2 scenarios: a) 11,000 feet purchased and used, b) 11,750 purchased and 11,000 used (as shown above) Compute the variable overhead spending and efficiency variances. Compute the fixed overhead spending and volume variances Record all related journal entries for above under standard costing. 2. 3. 4