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reds Problem 5 (Supplemental Problem #2)- Compute materials and labor variances mp units. At the beginning of the year, Algers had the following standard cost sheet Direct materials (5 bs. ( $2.60) Direct abor (0.75 hr. @ $18.00) Fixed overhead (0.75 hr.@ $4.00) Variable overhead (0.75 hr.@S3.00) Standard cost per unit Alpers Company produces dry fertilizer. Algers computes its standard rates using a master (static) budget volume of 54,000 pla S 13.00 S 13.50 S 3.00 S 2.25 S 31.75 The actual results for the year are as follows: Units produced: 53,000 Direct materials purchased: 274,000 pounds at $2.50 per pound Direct materials used: 270,300 pounds Direct labor: 40,100 hours at $17.95 per hour Fixed overhead: $161,700 Variable overhead: $122,000 l *You must show your work to receive credit ** Direct Materials Variance Analysis Actual Quantity Used x Standard Standard Quantity Allowed x Standard Price Actual Quantity Purchased x Standard Price Actual Quantity Purchased x Actual Price Price Total Total Total Total Direct Labor Variance Analysis Actual Hours Worked x Standard Labor Rate Actual Hours Worked Standard Hours Allowed x Actual Labor Rate x Standard Labor Rate Total Total Total Required: (circle F or Uto indicate whether the variance is favorable or unfavorable) F or U pdards. Compute the materials price variance: 1. Explain what is causing the materials price variance: 2. F or U Compute the materials quantity usage variance: 3. 4. Explain what is causing the materials quantity usage variance: F or U 5. Compute the total materials variance: F or U 6. Compute the labor rate variance: 7. Explain what is causing the labor rate variance: F or U 8. Compute the labor efficiency variance: 9. Explain what is causing the labor efficiency variance: F or 10. Compute the total labor variance