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Peterson Awning manufactures awnings and uses a Actual cost and operating data from the most recent standard cost system. The company allocates overhead based on the number of direct labor hours. Click the icon to view the actual results.) The following are the company's cost and standards data: month are as follows: All manufacturing overhead is allocated on the basis of direct labor hours. EB (Click the icon to view the standards.) te E Read the requirements First determine the rormua tor the price vanance, then compute the pice variance tor direct matenals ds All manufacturing overhead is allocated on the basis of dire Actual Results Standards Direct materials 24.0 yards per awning at $15.00 per yard Direct labor 5.0 hours per awning at $14.00 per hour Variable MOH standard rate $4.00 per direct labor hour Predetermined fixed MOH standard rate $8.00 per direct labor hour Total budgeted fixed MOH cost $97,500 Purchased 63,250 yards at a total cost of $923,450 unt Used 59,000 yards in producing 2,500 awnings Actual direct labor cost of $174,417 for a total of 12,370 hours Actual variable MOH $55,665 Actual fixed MOH $100,500 Print Done Print Done CIck the icon to view the actual results basi Requirements to th 1. Calculate the standard cost of one awni 2. Calculate the following variances: a. The direct material variances. b. The direct labor variances c. The variable manufacturing overhead variances. d. The fixed manufacturing overhead variances. 3. Explain what each of the variances you calculated means and give at least one possible explanation for each of those variances. Are any of the variances likely to be interrelated? the ne Print Done St Actual price 14.70 18975 F 15 63250 15 Requirement 2b. Calculate the direct labor vanances. (Enter the variances as positive numbers. Enter currency amounts to the unfavorable (U) Abbreviations used: DL Direct labor.) t cent and First determine the formula for the rate variance, then compute the rate variance for direct labor )= DL rate variance x ( compute the First determine the formula for the fficiency variance, then compute the efficiency variance for direct labor. )DL effic x ( favorable (F) or unfavorable (U)) Variable overhead x ( rate v Variable overhead ) efciency vaniance (F) or unlavorable (U)) Begin by c Fixed MOH Now compute the fixed manufacturing Fixed MOH calculated means and give at least one possible explanation for each of those variances Requirement 3. Explain what each of the variances you calculated means and gve at loast one possible expianation for Direct materials: Variance Meaning DM price DM quantity Direct Labor: Variance DL rate DM efficiency Possible explanation Possible explanation Meaning le manufacturing overhead Possible explanation Meaning Variance VOH rate VOH efficiency I Fixed manufacturing overhead FOH budger FOH volume Are any of th varniance. It is Skely that Peterson Awning "varance is Skely to be related to the This may have resulted in