please help with this, others have been posting usuing the terminology "particular" and i do not understand. i also do not understand what goes into the box above. please help fill out the blue and green box for the variances that is all.

IN 7 1 Surrey Bikes, Inc, manufactures double bench bikes for resorts and other vacation properties. 2 Management is asking that the accountant compute the budget variances for 2021. 3 4 Using the information provided on the BLUE TABS, calculate the following variances 5 Include a description of the variables for each computation 6 In order to receive credit -> show your calculations!! HintStart by cakulating the standard DM cost of one unit, actual DM cost of one unit, standard labor cost for one unit and actual labor cost for one unit Check the production budget for the planned number of bikes. The actual number of bikes produced is provided in the Additional Info - Actual 1 Costs lab 9 10 11 Expected / Standard Actual 12 Product Costs Unit Cost Total Unit Cost Total 13 Electrical sets direct materials: 14 Wheels direct materials - set of 4 15 Metal parts direct materials: 1 Canvas fabric direct materials: * Total DM cost for one bike 10 Direct labor hours 19 20 21 Total Materials Variance 23 34 20 27 Material Price Variance 20 CH24 Budget Varianes IV D m F G G H H B 19 20 21 Total Materials Variance 22 23 24 25 26 27 Material Price Variance 28 29 30 31 32 33 Material Quantity Variance 34 35 36 37 38 39 Total Labor Variance 40 41 42 43 44 45 Labor Price Variance 46 47 48 49 50 51 Labor Quantity Variance Additional Info Actual Costs CH24 Budget Variances Variance Formulas CHR2 Budget Red A D E F G 2 3 4 6 Management now wants the accountants to complete an analysis to compare the budgeted costs to standard costs for 2021 During the year 2021, the company completed 680 bikes. Let's discuss changes from budget and standard that occurred during 2021. Overall, the company was able to increase several efficiencies. However, the company also experienced some increased costs. Use this information to complete the CH24 Budet Variances tab; the green section. 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Electrical Parts Direct Materials The purchase price, net of discounts increase by $2.50 per set. There was also an increase in freight of by $0.25 per set. Wheel Sets Direct Materials: The company was able to secure the same wheel sets from a new supplier at a cost of $37/set. However, freight cost increased by $0.50 per wheel set. Metal Parts Direct Materials: The company was also able to reduce the amount of material used for each bike by 3 pounds. The acual cost of the metal parts was $0.52 per pound. Canvas Fabric Direct Materials: The company was also able to reduce the amount of material used for each bike by one-half a yard. The acual cost of the canvas fabric was $4,95 per yard. Direct labor: Employees were tasked with increasing equipment assembly and decreasing labor hours. They were successful in 2021 and brought hours down by 5/hours/unit! The company provided a $1/hour raisel This also lead to an increase of $0.25/hour in payroll taxes. Manufacturing overhead: There were no changes in manufacturing overhead, no variance needs to be computed Using this information, computer the budget variances incurred during 2021. 33 34 35 316 Additional Unit Cost *Supplemental Schedule - COGS Cost Budget per Unit Cost Element Quantity Electrical sets direct materials: 830 set Wheels - set of 4 direct materials 830 set 6 Metal parts direct materials: 128,960 pounds Canvas direct materials: 1,220 yards to Direct labor 34,000.00 hour 19 Manufacturing overhead - machine hours 68,000 hour 50 Total COGS Budget per Unit $ $ $ $ $ $ Total 100.00 $ 83,000.00 40.00 $ 33,200.00 0.50 $ 64,480.00 10.00 $12,200.00 21.25 $ 722,500.00 8.00 $1,459,380.00 51 53 N 680 1 680 150 830 50 780 97.75 76,245 $ $ D H 38 19 Required production units additional info 10 Electrical sets per unit produced: ventable Total needed for production additional info 2 Add: Desired ending direct materials (ending balance 2021) ventable Total materials required 680150 Less: Beginning direct materials (ending balance 2020) diventable 45 Direct materials purchases 830 50 16 Cost per set 76,245/780 4 Total cost of electrical sets direct materials purchases 780-97.75 49 Required production units Additional Info 50 Wheel sets per unit produced: material sets per unit produced: Given in table 51 Total wheel sets needed for production Additional info 2 Add: Desired ending direct materials (ending balance 2021) Given in table 53 Total materials required 680-150 s Less: Beginning direct materials (ending balance 2020) Given in table 55 Direct materials purchases in sets 330-25 56 Cost per set (1750) - (Aho Given) 57 Total cost of wheelsets direct materials purchases 805 37.50 58 59 Required production units Additional info 60 Metal parts direct materials pounds per unit produced: 61 Total pounds needed for production 680 197 Add: Desired ending direct materials in pounds (ending balance 2021) 63 Total materials required 133,060-5.000 Less: Beginning direct materials in pounds (ending balance 2020) Given 65 Direct materials purchases 128.400 1,000 66 Cost per pound Additional info 67 Total cost of metal parts direct materials purchases 177.960*6.52 ou Required production units Additional into 70 Canvas direct material yards per unit produced: Given in Table 11 Total yards needed for production 680*12 72 Add: Desired ending direct materials in yards (ending balance 2021) Given in Table 75 Total materials required 1.020-200 24 Less: Beginning direct materials in pounds (ending balance 2020) Given Table Additional info Actual Costs CH4 budget Vanco Variance Formulas CH22 Budget 680 1 680 150 830 25 805 37.50 30,188 $ $ Given 680 197 133,960 5,000 128,960 1,000 127.960 0.52 66,539 $ $ 680 3 1.020 200 1.220 20