Please calculate these variances for revenue and direct materials costs:

• Revenue flexible quantity, price, joint, exchange-rate, and total variances
• Direct materials costs flexible quantity, cost, joint, exchange-rate, and total variances

For direct labor costs and variable overhead, actual and forecasted values are the same. Hence, you do not have to calculate variances for these items you have to calculate variances only for revenue and direct materials costs.

• Firm produces and sells cars
• Functional currency euro (EUR)
• Actual and forecasted USD:EUR exchange rate 1:1.25 and 1:1.50

• Actual and forecasted units sold 50 and 60
• Actual and forecasted price per unit 120 and 80 United States dollars (USD)

• Actual and forecasted kilograms of steel per unit 6 and 8
• Actual and forecasted cost of steel per kilogram USD 8 and 4

• Actual and forecasted hours of labor per unit 5 and 5
• Actual and forecasted cost of labor per hour EUR 4 and 4

• Actual and forecasted kilowatts of electricity per unit 6 and 6
• Actual and forecasted cost of electricity per kilowatt EUR 2 and 2

For this task, you do not have to show a reconciliation you have only to calculate the variances specified above.