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mondlel uu Exercise 4) Mighty Marketer manufactures boxes for marketing workstations. The firm's standard cost sheet prior to October and actual results for October 2019 are as follows Budget Information Standard Price Actual & Variable Costs Fixed Results per Unit Costs October 2019 Units 9.500 105% Sales x 1.08 50.00 11.09 $ 551,000 Variable costs: 1.05 X Direct materials 5 pounds at $2.40 per pound $ 12.00 V $ 144,000 . Direct labor 2.05 0.5 hour at $14 per hour = 7.00 $ 76,800 Manufacturing overhead 2.00 $ 19,000 Selling and administrative 5.00 $ 55,100 Total variable cost 26.00 $ 294,900 Contribution margin 24.00 $ 256,100 Fixed costs: Manufacturing (factory) overhead $ 50,000 $ 55,000 Selling and administrative $ 20,000 $ 24,000 Total fixed costs $ 70,000 $ 79,000 Operating income $ 177,100 In preparing the master budget for October 2019, the firm recognized that several items on the standard cost sheet would change. For example, the selling price of the product would increase by 8%. Suppliers have notified the firm that starting October 1, materials prices would be 5% higher. The labor contract prescribes a 10% increase, starting October 1, on wages and benefits. Fixed manufacturing costs will increase $5,000 for insurance, property taxes, and salaries. Fixed selling and administrative expenses will increase as follows: $2.000 in managers salaries, and $2,000 for advertising during October 2019. The unit sales for October 2019 are expected to be 10,000 units. Actual results during October 2019 showed that 48,000 lbs. of direct materials were used at a price of $3 per lb, and 4,800 hours of direct labor were incurred a a rate of $16 per hour. Required: 1) In good form, prepare a flexible-budget-based variance cost analysis (level 2). 2) Using your budget from part 1, what is the (give amount and F/U): a) Static-budget variance b) Selling-price variance c) Flexible-budget variance d) Sales-volume variance 3) Compute the MPV, MEV, LRV, and LEV (give amount and F/U)