Piedmont Manufacturing Variances Piedmont Manufacturing produces metal products with the following standard quantity and cost information: Direct Materials Unit Quantity Rate Total Aluminum sheet 4 $4 $16 Copper sheet 3 $8 $24 Direct Labor hour 7 $16 $112 machine Variable overhead 5 $6 $30 hour machine Fixed overhead 5 $4 $20 hour Overhead rates were based on normal monthly capacity of 6,000 machine hours. During November, the company produced only 850 units because of a labor strike, which occurred during union contract negotiations. After the dispute was settled, the company scheduled overtime to try to meet regular production levels. The following costs were incurred in November: Direct Materials Aluminum Copper Unit sheet Quantity 4,000 Rate Used $3.80 3,500 sheet 3,000 $8.40 2,600 Direct Labor Hours Rate Regular time, pre-contract settlement Regular time, post-contract settlement 5,200 $16 900 $17 Overhead, based on 4,175 machine hours Variable overhead Fixed overhead Total $23,300 $18,850 Instructions: Using formulas/functions wherever possible, complete the following... 1. On the Worksheet tab, determine the following variances for November including whether each is favorable or unfavorable. a. Total material price variance b. Total material usage (quantity) variance c. Labor rate variance d. Labor efficiency variance e. Variable overhead spending variance f. Variable overhead efficiency variance g. Fixed overhead spending variance h. Volume variance i. Budget variance 2. On the Journal Entries tab, prepare the journal entries to record the standard costing information for November using the information from Part 1.