Oakton Incorporated manufactures end tables, armchairs, and other wood furniture products from high-quality materials. The company uses a standard costing system and isolates variances as soon as possible. The purchasing manager is responsible for controlling direct material price variances, and production managers are responsible for controlling usage variances. During May, the following results were reported for the production of American Oak armchairs: Units produced Direct materials purchased Direct materials issued into production Standard cost per unit (12 board feet $7) Purchase price variance Required: 1,580 armchairs 18,900 board feet 17,390 board feet $84 per unit produced $2,750 unfavorable a. Calculate the actual price paid per board foot purchased. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. Calculate the standard quantity of materials allowed (in board feet) for the number of units produced. c. Calculate the direct materials usage variance. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). d. The purchasing manager may have purchased higher-than-standard quality raw material inputs is the most likely explanation for the price and usage variances. a. Actual price b. Standard quantity of materials allowed c. Direct material usage variance d. The purchasing manager may have purchased higher-than- standard quality raw material inputs is the most likely explanation for the price and usage variances per board foot