Peterson 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.) Actual cost and operating data from the most recent month are as follows: (Click the icon to view the actual results.) All manufacturing overhead is allocated on the basis of direct labor hours. Read the requirements Requirement 1. Calculate the standard cost of one awning Standard cost per unit Standard cost Direct materials Direct labor Variable MOH Fixed MOH Total standard cost Requirement 2a. Calculate the direct material variances (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the Choose from any list or enter any number in the inn n Peterson 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.) Actual cost and oper (Click the icon to All manufacturing ove Read the requiremen Requirement 2a. Calculate the direct material variances. (Enter the variances as positive numbers. Enter currency amounts to the nearest centa Abbreviations used: DM = Direct materials.) First determine the formula for the price variance, then compute the price variance for direct materials. 1) - DM price variance Determine the formula for the quantity variance, then compute the quantity variance for direct materials ) = DM quantity variance Requirement 2b. Calculate the direct labor variances. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and y 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 officiency variance, then compute the efficiency variance for direct labor. ) DL efficiency variance Choose from any list or enter any number in the input file and Peterson 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 Cick the icon to view the standards.) actual cost and operating data from the most recent month are as follows: Click the icon to view the actualets) Al manufacturing overhead is located on the basis of direct labor hours. Read the requirements Requirement 2d. Calculate the found manufacturing overhead varaos (Enter the variance as a positive number Label the variance as favorable (F) or unfavorable ) Begin by computing the fund manufacturing overhead budget variance. First determine the formula for the budget variance, then compute the budget variance for fred manufacturing overhead Ford MOH budget variance Now compute the found manufacturing overhead volume varianon First determine the formula for the volume arance, the compute the volume variance for food manufacturing overhead Fred MOH volume variance Requirement. Explain what each of the variances you calculated means and give at least one possible explanation for each of those variances Direct materials Meaning Possible explanation Variance OM orice DM quantity Chorom Peterson 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.) Actual cost and operating data (Click the icon to view the a All manufacturing overhead is a Read the requirements. Direct materials: Meaning Possible explanation Variance DM price DM quantity Direct Labor: Variance Meaning Possible explanation DL rate DM efficiency Variable manufacturing overhead: Variance Meaning Possible explanation VOH rate VOH efficiency Fixed manufacturing overhead: Peterson Awning manufactures awnings and uses a standard cost system. The company locates overhead based on the number of direct labor hours. The following are the company's cost and standards data Click the loon to view the standards) Actual cost and operating data from the most recent month are as follows: Click the loon to view the actual results) Al manufacturing overhead is located on the basis of directibor hours Read the requirements Variable manufacturing overhead: Meaning Possible explanation Variance VOH rate Vokiciency Fixed manufacturing overhead: Meaning Variance FOH budou FOH wema Are any of the variance to be interested variance is to be led to the verance is key that para Auning This may have resulted in Choose from any lot or enter any number in the routed and then continue to the question post system. The company allocates overhead based on ly's cost and standards data: Actual cost and operating data from the most recent month a E: (Click the icon to view the actual results.) All manufacturing overhead is allocated on the basis of direct Read the requirements. Standard Price and Volume Standards: Direct materials 21.0 yards per awning at $12.00 per yard Direct labor 3.0 hours per awning at $12.00 per hour Variable MOH standard rate $7.00 per direct labor hour Predetermined fixed MOH standard rate $12.00 per direct labor hour Total budgeted fixed MOH cost $59,200 Possible explar Print Done ed to the variance. It is likely that Peterson Awning elds and then continue to the next question. n. The company allocates overhead based on nd standards data: Actual cost and operating data from them (Click the icon to view the actual resu All manufacturing overhead is allocated or Read the requirements. i Actual Results Purchased 38,080 yards at a total cost of $445,536 Used 34,600 yards in producing 1,700 awnings Actual direct labor cost of $58,560 for a total of 4,800 hours Actual variable MOH $34,080 Actual fixed MOH $62,200 explana Print Done variance. It is likely that Peterson Awning then continue to the next