Pender Awning manufactures awnings and uses a standard cost system. The company locaties 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.) Actual cost and operating data from the most recent month are as follows: PER (Click the icon to view the actual results.) All manufacturing overhead is located on the basis of direct labor hours. Read the regurements Requirement 1. Calculate the standard cost of one awning Standard cost Standard cost per unit Direct materials Direct labor Variable MOH Fixed MOH Total standard cost westcent and your answers to the nearest whole of Label the variance as favorable for Requirement 2a. Calculate the direct material variances (Enter the variances as positive numbers. Enter currency amounts to the unfavorable (U) Abbreviations used: OMDirect materials) First determine the formula for the price variance, the compute the price variance for direct materials Actual quantity purchased Actual price 9.70 ) ). DM price variance 15180F Determine the formula for the quality wariance, the compute the Standard quantity slowed antity variance for direct materials . Actual Quantity Used ). DM quantity variance 12000 F ers to the nearest whole dolar. Label the variance as favorable For Requirement 2b. Calculate the direct labor variante r the variances as positive numbers. Enter currency amounts to the nearestent and you unfavorable (U) Abbreviations used: DL. Direct labor) First termine the formula for the rate variance, the compute the rate variance for direct labor Actual hours Standard role . Actual rate )D e variance 11.10 First datermine the formula for the drate x ceny variance, the compute the efficiency variance for direct labor Standard hours showed . Actual hours ) - DL efficiency variance 10000 9050150F owers to the nearest ho h en Requirement 2. Cal the variable manufacturing overhead variances (Enter the variances positive number ter currency amount to the newest cant and your Gavorable (F) or unfavorabi (U) First termine the form for the variance, the compute the variance for a manufacturing overhead Round the nearestent) Variable Now compute the variable manufacturing overhead cene arance Futtermine the form a manufacturing overhead for the efficiency variance, the compute the efficiency variance for Variable overhead cancy walance Requirement ad Calle he feed manufacturing overhead s Enter the various pouvenumber Label the wariance as favorable) or (I) Begin by computing the f a cturing red bulance d e forma or a ng tencome the budget ware for fremaduring whead Fixed MOH - budget variance Requirement 2d. Calculate the fixed manufacturing overhead variances Begin by computing the fixed manufacturing overhead budget variance, 25 33 . a positive number. Label the variance as favorable (F) or unfavorable (U)) mula for the budget variance, then compute the budget variance for fixed manufacturing overhead Fixed MOH - budget variance Now compute the fixed manufacturing overhead volume variance. First determine the formula for the volume variance, then compute the volume variance for fixed manufacturing overhead Fixed MOH volume variance 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 Possible explanation DM price DM quantity Direct Labor: Variance Meaning Possible explanation DL rate DM efficiency Variable manufacturing overhead: Variance Meaning VOH rate Possible explanation VOH efficiency Fixed manufacturing overhead: Meaning Possible explanation Variance FOH budget FOH volume Are any of the varianceskely to be interrelated? The variance is likely to be related to the variance. It is kely that Peder Aaring This may have resulted in Choose from any list or enter any number in the input fields and then continue to the next question i Standard Price and Volume Standards: Direct materials 24.0 yards per awning at $10.00 per yard Direct labor 5.0 hours per awning at $11.00 per hour Variable MOH standard rate $4.00 per direct labor hour Predetermined fixed MOH standard rate $12.00 per direct labor hour Total budgeted fixed MOH cost $118,200 Print Done Actual Results Purchased 50,600 yards at a total cost of $490,820 Used 46,800 yards in producing 2,000 awnings Actual direct labor cost of $109,335 for a total of 9,850 hours Actual variable MOH $42,355 Actual fixed MOH $123,200 Print Done