Olive Company makes silver belt buckles. The company's master budget appears in the first column of the table. Required: Complete the table by preparing Olive's flexible budget for 4,300, 6,300, and 7,300 units. Note: Round your intermediate calculations to 2 decimal places. Master Budget Flexible Budget Flexible Budget Flexible Budget (7,300 Units) (6,300 Units) (5,300 Units) (4,300 Units) Direct materials $ 530 Direct labor 2,650 Variable manufacturing overhead 1,060 Fixed manufacturing overhead 19,000 Total manufacturing cost $ 23,240 Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 1.95 feet of leather and predicts leather will cost $3.40 per foot. Suppose Perfect Pet made 90 collars during February. For these 90 collars, the company actually averaged 2.20 feet of leather per collar and paid $2.90 per foot. Required: 1. Calculate the standard direct materials cost per unit. 2. Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable. 3. Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable. 6. Calculate the direct materials price and quantity variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 6 Calculate the standard direct materials cost per unit. Note: Round your answer to 2 decimal places. Standard Direct Materials per Collar < Req 1 Req 2 and 3 > Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 1.95 feet of leather and predicts leather will cost $3.40 per foot. Suppose Perfect Pet made 90 collars during February. For these 90 collars, the company actually averaged 2.20 feet of leather per collar and paid $2.90 per foot. Required: 1. Calculate the standard direct materials cost per unit. 2. Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable. 3. Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable. 6. Calculate the direct materials price and quantity variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 6 2. Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable. 3. Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable. 2. Direct Material Price Variance 3. Direct Material Quantity Variance < Req 1 Req 6 > Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 1.95 feet of leather and predicts leather will cost $3.40 per foot. Suppose Perfect Pet made 90 collars during February. For these 90 collars, the company actually averaged 2.20 feet of leather per collar and paid $2.90 per foot. Required: 1. Calculate the standard direct materials cost per unit. 2. Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable. 3. Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable. 6. Calculate the direct materials price and quantity variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 6 Calculate the direct materials price and quantity variances. Note: Round your intermediate calculations and final answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct Material Price Variance Direct Material Quantity Variance < Req 2 and 3 Req 6 > Standard Unit Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($402,500.00 175,000.00 units) Barley Hopp had the following actual results last year: Number of units produced and sold Number of pounds of clay purchased and used Cost of clay Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Required: 1.70 hours Standard Quantity Standard Price (Rate) 1.70 pounds $ 1.80 per pound $ 10.00 per hour Cost $ 3.06 17.00 1.70 hours $ 1.10 per hour 1.87 2.30 180,000 328,200 $ 623,580 225,000 $ 3,082,500 $ 350,000 $ 400,000 1. Calculate the direct materials price, quantity, and total spending variances for Barley Hopp. 2. Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Barley Hopp. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 1 Required 2 Required 3 Calculate the direct materials price, quantity, and total spending variances for Barley Hopp. Note: Do not round your intermediate calculations. Enter the dollar value of the variance as an absolute value (positive number) and then use the drop-down menu to indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Show less Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp. Note: Do not round your intermediate calculations. Enter the dollar value of the variance as an absolute value (positive number) and then use the drop-down menu to indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct Labor Rate Variance Direct Labor Efficiency Variance Direct Labor Spending Variance Show less Required 1 Required 2 Required 3 Calculate the variable overhead rate, efficiency, and total spending variances for Barley Hopp. Note: Do not round your intermediate calculations. Enter the dollar value of the variance as an absolute value (positive number) and then use the drop-down menu to indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Show less Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance < Required 2 Required 3 >