Pratt Awning manufactures awnings and uses a standard cost system. The company allocates overhead based Actual cost and operating data from the most recent month are as follows: on the number of direct labor hours. The following are the company's cost and standards data (Click the icon to view the standards.) (Click the icon to view the actual results) All manufacturing overhead is allocated on the basis of direct labor hours. Read the requirements Requirement 1. Calculate the standard cost of one awning Standard cost Standard cost per unit Direct materials Direct labor Variable MOH Fixed MOH Total standard cost Requirement 2a. Calculate the direct material variances. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar, Label the variance as favorate (F) or unfavorable (U). Abbreviations used: DM = Direct materials.) First determine the formula for the price variance, then compute the price variance for direct materials Actual quantity purchased ( Standard price Actual price Determine the formula for the Quantity variance, then compute the quantity variance for direct materials DM price variance