| Pender Awning manufactures awnings and uses a standard cost system. The company allocates overhead based on the number of direct labor hours. The following are the company's cost and standards data: (Click the icon to view the standards.) O t of one awnin Standard co erial variances. DM Direct m ariance, then co Standard Price and Volume Standards: Direct materials 25.0 yards per awning at $17.00 per yard Direct labor 4.0 hours per awning at $13.00 per hour Variable MOH standard rate $7.00 per direct labor hour Predetermined fixed MOH standard rate $9.00 per direct labor hour Total budgeted fixed MOH cost $73,100 Print Done - X swers to the Actual Results cost of one awning Standard cost Purchased 56,070 yards at a total cost of $919,548 Used 51,700 yards in producing 2,100 awnings Actual direct labor cost of $111,645 for a total of 8,270 hours Actual variable MOH $58,717 Actual fixed MOH $77,600 material variances. ( used: DM Direct ma X Print Done answers to the nea Requirement 1. Calculate the standard cost of one awning. Standard cost O Direct materials Direct labor Variable MOH Fixed MOH Total standard cost Requirement 2 Colt Standard cost per unit Requirement 2a. Calculate the direct material variances. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent a (F) or unfavorable (U). Abbreviations used: DM Direct materials.) First determine the formula for the price variance, then compute the price variance for direct materials. Determine the formula for the quantity variance, then compute the quantity variance for direct materials. DM price variance DM quantity variance Requirement 2b. Calculate the direct labor variances. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and you or unfavorable (U). Abbreviations used: DL Direct labor.) Requirement 2b. Calculate the direct labor variances. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and or unfavorable (U). Abbreviations used: DL = Direct labor.) First determine the formula for the rate variance, then compute the rate variance for direct labor. DL rate variance First determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. DL efficiency variance Requirement 2c. Calculate the variable manufacturing overhead variances. (Enter the variances as positive numbers. Enter currency amounts to variance as favorable (F) or unfavorable (U).) First determine the formula for the rate variance, then compute the rate variance for variable manufacturing overhead. (Round interim calculations m Variable overhead rate variance Now compute the variable manufacturing overhead efficiency variance. First determine the formula for the efficiency variance, then compute the efficiency varia Variable overhead efficiency variance Requirement 2d. Calculate the fixed manufacturing overhead variances. (Enter the variance as a positive number. Label the variance as favorable (F) or unfavo Begin by computing the fixed manufacturing overhead budget variance. First determine the formula for the budget variance, then compute the budget variance fo Fixed MOH budget variance O volume variance Now compute the fixed manufacturing overhead volume variance. First determine the formula for the volume variance, then compute the volume variance for fixed Fixed MOH 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: Variance Meaning DM price DM quantity Direct Labor: Variance Meaning DL rate DL efficiency Variable manufacturing overhead: Variance VOH rate Meaning Possible explanation Possible explanation Possible explanation Variable manufacturing overhead: Variance Meaning VOH rate VOH efficiency Fixed manufacturing overhead: Variance Meaning FOH budget FOH volume Possible explanation Possible explanation FOH volume. Are any of the variances likely to be interrelated? The variance is likely to be related to the variance. It is likely that Pender Awning This may have resulted