Moto Parts Inc. The company manufactures automobile accessories. One of the company's products is a sun shield to place in the vehicle's front window and reflect sunlig The company uses standard costs to manage production costs. The standards for the sun shield are: Each shield requires 5 square meters of material. Each shield requires 0.8 labour hours to manufacture. Standard Costs $/unit Measure Direct materials 4.55 Square meter Direct labour 21.00 Hour In the latest month 700 sun shields were completed with the following usages and costs: Actual $ Actual Results Actual Quantity 3,605 Direct materials Direct labour Square meters Hours 16,006.00 9,956.00 467 . . Required: 1. Compute the following: Standa uantity allowed and total standard cost for materials Standa allowed labour hours and total standard cost for direct labour . Rounde total standard costs for the product costs to whole dollars, 0 decimal places. 2. Create an Overall Variance table for Direct Materials and Direct Labour. Round the variances to whole dollars, o decimal places. Identify if each of the variances.is Favourable (or Unfavourable (1 v S Moto Parts Inc. The company manufactures automobile accessories One of the company's products is a sun shield to place in the vehicle's front window and reflect sunlight. The company uses standard costs to manage production costs. The standards for the sun shield are: Each shield requires 5 square meters of material. Each shield requires 0.8 labour hours to manufacture. Standard Costs $/unit Measure Direct materials 4.55 Square meter Direct labour 21.00 Hour In the latest month 700 sun shields were completed with the following usages and costs: . Actual Results Actual Actual $ Quantity Direct materials Square meters 3,605 16,006.00 Direct labour Hours 467 9,956.00 Required: 1. Compute the following: Standard ntity allowed and total standard cost for materials Standar wed labour hours and total standard cost for direct labour Round total standard costs for the product costs to whole dollars, o decimal places. 2. Create an Overall Variance table for Direct Materials and Direct Labour. . Round the variances to whole dollars, 0 decimal places. Identify if each of the variances is Favourable (F) or Unfavourable (U). 3. Compute the price/rate and usage/efficiency variances for direct materials and direct labour. Round the variances to whole dollars, o decimal places. Identify if each of the variances is Favourable (F) or Unfavourable (U)