please show me how to work this problem, please show work or cell reference.

3 The roofing company manufactures shingles. Standard Cost Sheet per shingle 4 5 6 Direct materials $0.07 per pound 7 Direct labor $11 per hour Asphalt 1.5 pounds direct labor 0.01 hour direct labor 0.01 hour direct labor 0.01 hour Total standard cost per shingle 8 Variable Manufacturing overhead $2 per hour 9 Fixed Manufacturing overhead $10 per hour 10 11 12 13 14 Budgeted fixed manufacturing overhead for the period is Budgeted units to be produced Standard fixed manufacturing overhead based on expected capacity of $60,000 600,000 Units 6000 direct labor hours 15 The following information is available regarding the company's actual operations for the period. 16 17 18 19 550,000 754,000 pounds $0.09 per pound 20 21 22 Shingles produced Materials purchased: Asphalt Materials used: Asphalt Direct labor: 750,000 pounds 5,400 hours 23 $13.00 per hour 24 25 26 Manufacturing overhead incurred: Variable 27 $11,988 $2.22 VOH rate per direct labor hour $60,100 Fixed 28 29 30 31 32 33 34 Required: Make sure you do not forget to label each variance U You need to use cell references for your calculations. 1. Calculate the direct materials price and quantity variance. Material price variance should be based on material purchased, since you want to iso....e the variance as soon as possible. Material Quantity variance should be based on materials used, since this is monitoring the production efficiency. Material purchase price variance Material Quantity variance 35 36 37 38 39 2. Calculate the direct labor rate and efficiency variances. Labor rate variance Labor Efficiency variance 40 41 42 3. Variable manufacturing overhead spending and efficiency variances. Variable overhead spending variance Variable overhead efficiency variance 43 44 45 4. Fixed manufacturing overhead budget variance Fixed Manufacturing overhead budget variance 46 47 48 5. Pick out the two variances that you computed above that you think should be further investigated. Explain why you picked these 2 variances and what might be the possible cause of the variances. 49 50