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Problem 3 (Textbook Reference: P8-6) - Compute materials and labor variances Based on a master (statie) budget standard volume of 96,000 units per month, the standard cost of the product manufactured by Tahoe Company consists of Direct materials (0.25 pounds x 58 per pound) 2.00 Direct labor (0.5 hours x $7.60 per hour) 3.80 Variable manufacturing overhead per unit 2.50 Fixed manufacturing overhead (S144,000 in total) 1.50 9.80 A total of 25,200 pounds of materials was purchased at $8.40 per pound. During May, 98,400 units were produced with the following costs: Direct materials used (24,000 pounds x $8.40 per pound) $ 201,600 Direct labor (50,000 hours x $7.80 per hour) $ 390,000 Variable manufacturing overhead $ 249,000 Fixed manufacturing overhead $ 145,000 ***You must show your work to receive credit*** Actual Quantity Purchased x Actual Price Actual Quantity Purchased x Standard Price Direct Materials Variance Analysis Actual Quantity Used x Standard Price Standard Quantity Allowed x Standard Price Total Total Total Total Actual Hours Worked x Actual Labor Rate Direct Labor Variance Analysis Actual Hours Worked x Standard Labor Rate Standard Hours Allowed x Standard Labor Rate Total Total Total Required: (circle For U to indicate whether the variance is favorable or unfavorable) For U 1. Compute the materials price variance: 2. Explain what is causing the materials price variance: For U 3. Compute the materials quantity usage variance: 4. Explain what is causing the materials quantity usage variance: For U 5. Compute the total materials variance: For U 6. Compute the labor rate variance: 7. Explain what is causing the labor rate variance: 8. Compute the labor efficiency variance: For U 9. Explain what is causing the labor efficiency variance: 10. Compute the total labor variance: For U