Moving to another question will save this response. Question 8 of 10 Question & 20 points Save and Lido Company's standard and actual costs for the most recent period, are given below Lido uses the following manufacturing standards Per Unit Direct Material: 2metres $1.56 per metre Direct Labour : 1.25 Hours $16.00per hour MOH: Variable: 1.25Hours $3.45 per DLH - Fixed: 1.25 Hrs $10.00 based on capacity to produce 1,000 units During the most recent period Lido provided the following details: Produced 950 Units Raw Materiat -2.500 metres of material were purchased at $1.45 per metre, and 2.000 metres were used Direct Labour 1,420 hours of labour were assigned to produce 950 units. Direct labour actual hourly rate was $16.65 Actual Variable Manufacturing Overhead - MOH 33.70 per labour hour Direct Labour Hours-DLH as the COST DRIVER for overhead application Actual Fixed Overhead amounted to $11,500 for the period Attached to this exam, is an Excel Spreadsheet with imbedded formulas designed to calculate the variances for: Direct Material. DM; Direct Labour-DL: Variable Manu facturing Overhead - MOHVC; Fixed Manufacturing Overhead - MOH FC All the Variances have been determined. Please do not attempt to submit the spreadsheet QUESTIONS Part I: Provide journal Entries for 1. The purchase and use of raw materials 2. Direct Labour Remaining Time: 42 minutes, 10 seconds. Question Completion Status: Part I: Complete the following variance report and perform the analysis that follows Variance Analysis and Report Variances F Direct Materials: -Price - Quantity - Rate Direct Labour - Efficiency Overhead - Variable: - Spending - Efficiency Fixed: - Budget - Volume Totals: QUESTIONS WHO? WHAT? WHY? Analysis (briefly): Identify any exceptions from the above and explain why you consider them important. Comment on the exceptions you have identified: Which variances will you seek more information on? Why? Who are the managers you will address in order to get answers?: What information will you be looking for? Why