Peterson Awning manufactures awnings and uses a Actual cost and operating data from the most recent standard cost system. The company allocates overhead based on the number of direct labor hours.EE (Click the icon to view the actual results) The following are the company's cost and standards data: month are as follows: All manufacturing overhead is allocated on the basis of direct labor hours. EEB (Click the icon to view the standards.) Read the requirements n Awning manufactures awnings and uses aActual cost and operating data from the most recen Standard Price and Volume 1 ) the basi ck th Standards: meDirect materials 24.0 yards per awning at $15.00 per yard d co ater Variable MOH standard rate $4.00 per direct labor hour abor MO Total budgeted fixed MOH cost $97 500 anda Direct labor 5.0 hours per awning at $14.00 per hour Predetermined fixed MOH standard rate $8.00 per direct labor hour Print Done d thon continue to the next question. nAwning manufactures awnings and uses a Actual cost and operating data from the most recen cost system. The company allocates month are as follows: baser wing a ults.) i Actual Results X n the basi k the Purchased 63,250 yards at a total cost of $923,450 Used 59,000 yards in producing 2,500 awnings Actual direct labor cost of $174,417 for a total of 12,370 hours Actual variable MOH $55,665 Actual fixed MOH $100,500 ment d cost ateria bor MOH andard Print Done eterson Awning manufactures awninas and uses aActual cost and operating data from the erhead e follow Requirements B (Clic 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. quiren ect ma rect la riable ed MQ tal star 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? Print Done list or anter ay numher in the input fields and then continue to the next