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Homework Company Information Item to Classify Labor Cost Labor Usage Fixed Cost spending Fixed Cost Sales volume Sales price Material cost Material usage Driver Amount Standard Actual hours per hour 5 10.00 $ 9.60 hours total 61,000 61.800 dollars total $ 400,000 $ 390,000 dollars per unit S 3.20 $ 3.16 units total 40,000 42,000 dollars per units 3.60 $ 3.63 dollars per pound S 2.90 $ 3.00 pounds total 91,000 90,000 Variance ? ? ? ? ? ? ? 7 Favorable Unfavorable ? ? ? 7 ? ? ? ? Actions to take: Prepare the Standard Budget 2 Calculate the actual results. 3 Compute the variances Identify if the variances are favorables or unfavorable 5 Explain possible (logical) reasons for the variances (difference)