Problem 8-23A (Algo) Computing materials, labor, and cost variances LO 8-5, 8-6 The following data were drawn from the records of Baird Corporation. Planned volume for year (static budget) 4,900 units 2.60 pounds @ $ 1.20 per pound 2.60 hours @ $3.90 per hour $ 24,010 5,300units 2.30 pounds @ $1.70 per pound 3.00 hours @ $3.40 per hour Standard direct materials cost per unit Standard direct labor cost per unit Total expected fixed overhead costs Actual volume for the year (flexible budget) Actual direct materials cost per unit Actual direct labor cost per unit Total actual fixed overhead costs Required $ 20,410 a. Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity. b. Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). c. Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours. d. Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). e. Calculate the predetermined overhead rate, assuming that Baird uses the number of units as the allocation base. f. Calculate the fixed cost spending variance. Indicate whether the variance is favorable (F) or unfavorable (U). g. Calculate the fixed cost volume variance. Indicate whether the variance is favorable (F) or unfavorable (U).