OBJECTIVE 2. Compute uit laul Exercise 10-14 Materials and Labour Variances At the beginning of the year, Shults Company had the following standard cost sheet for one el its plastic products: Direct materials (5 kg @ 54.00) $20,00 ivrig word Direct labour (2 hrs. @ $11.25) 22.50 Standard prime cost per unit $42.50 The actual results for the year are as follows: ang bulbo a. Units produced: 175,000 goue WOOD b. Materials purchased: 930,000 kilograms @ $4.10 c. Materials used: 925,000 kilograms d. Direct labour: 362,500 hours @ $11.15 Required: 1. Compute price and usage variances for materials. 2. Compute the labour rate and labour efficiency variances.no OBJECTIVE Question 3 (20 points) Complete Exercise 10-14. NOTE: materials purchased is different from the materials used in production. Materials PURCHASED are always used to calculate the material price variance. Materials USED (also called issued) are always used to calcualte the the materials usage variance. Because the materials PURCHASED are used to calculate the material price variance and the materials USED are used to calculate the material usage variance, we CAN NOT use the 3-pronged analysis approach (for those of you who are using this method). In addition, we can not calculate the TOTAL variance since the two variances are using different base numbers!!! Remember to enter numeric amounts without a $ or, (a comma). If the answer is $20,000.00, then enter the number as 20000. Remember to round to nearest dollar and no decimal places. Required: The material price variance is $ (F. U). Required: The material price variance is $ AJ 9 A/ (F, U). The material usage variance is $ A/ A/ (F, U). The total labour variances is $ (F. U). The labour rate/price variance is $ The total labour variances is $ A/ (F, U). The labour rate/price variance is $ (F, U) The labour efficiency/usage variance is $ A (F, U). Remember: enter all numbers rounded to the nearest dollar. Do not enter $ or, when you are entering dollar values