PROBLEM: Masoot Mig. makes awnings for athletio team tailgating and uses a standard oosting system. The company recognizes fisolatesl materials price variances at the time the materials are purchased. They allooate (apply) DH based on \# of DL hours. Following are this year's cost and standards datai assumes 52 veeks per year. Standards (for a planned level of production of 2,200 units per month) 1. Direot material variances 2. Direct labor variances 3. Variable MDHvariances 4. Fised MCHvariances Requirement 2 Hrite a one page letter summarizing: 1. What the varianoes mean, and 2. What conclusion do you draw from the variances? Instructions in the Assignment on Canvas Fired Manufacturing Overhead TOTALFined OHVarianoe