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Please help with the following question P12.54B (LO 2, 3) Milberg Co. uses absorption costing and standard costing to improve cost control. Calculate variances. In

Please help with the following question

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P12.54B (LO 2, 3) Milberg Co. uses absorption costing and standard costing to improve cost control. Calculate variances. In 2020, the total budgeted overhead rate was $1.55 per direct labour hour. When preparing the budget, Milberg expected a monthly activity level of 10,000 direct labour hours. The monthly variable overhead cost budgeted for this level of activity was $9,500. The following data on actual results are provided for the month of November 2020. Materials purchased 20,000 units Direct labour costs incurred $36,000 Total of direct labour rate and efficiency variances 500 F Actual wage rate ($0.20 less than standard) 4.80 Underapplied variable overhead costs 1,065 U Total underapplied fixed and variable overhead costs 2,256 U Materials price variance 200 F Materials efficiency variance 610 F Price of purchased materials 0.60 per unit Materials used 15,000 units Instructions Identify and calculate as many different variances as you can for 2020

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