Pelemon Aaning manulactures aarings and ines a standerd cost system. The conyosy alocates evehead beved on the nember of depet labor hours. The lolowing Fitl cclok the inen to vew the erantims i) Achar dont and apenting than ham Be mod woent more or an thatse: (II) iClick the con n vesw the actur maitn) Al mandactures sumpeif is alticated on the hais of desatuecr houn Requirement 1. Calculab the standus cook of ent anting Seanasd cost Standarti con perant Drect malelen Oirect intor Watable MCar Fued MOCH Fetal inindars coil Alequirement ac. Caiculate the variable imbndading brelted vanuces. L. vanance an tavoicabie (F) or uh favorabe (U) thatien onerinas 4 1. Wrabie overtest budget variahce, then romsuhe the tudget vahahce for thed mansiachuing bvehest Fand migt 1+ L a butjet wa mahot volume varance, then compule the volume varimen tar feed manufacturing aveluest. Fint kast Standard Price and Volume Actual Results Requirements 1. Calculate the standard cost of one awning. 2. Calculate the following variances: a. The direct material variances. b. The direct labor variances. c. The variable manufacturing overhead variances. d. The fixed manufacturing overhead variances. 3. Explain what each of the variances you calculated means and give at least one possible explanation for each of those variances. Are any of the variances likely to be interrelated? Requirement 3. Explain what each of the variances you calculated means and give at least one possible explanation for each of those variances. Direct materials: Direct Labor: Possible explanation Variable manufacturing overhead: Variance Meaning Possible explanation VOH rate VOH efficiency Fixed manufacturing overhead: FOHbudgetVariance Possible explanation FOH volume Meaning Are any of the variances likely to be interrelated? The variance is likely to be related to the variance. It is likely that Peterson Awning This may have resulted in