Product Cost Qt(hrs) per output Price per unit(hr) Cost per Unit of finished good lunit $1.75 $1.75 Budgeted Data (Standard) DMC DLC 0.25hr $12 $3 Variable OH Cost 0.25 DL hr $3 $0.75 Fixed OH Cost 0.25 DL hr $2 $0.5 Production and sales DL hours 50,000units 12,500 hrs Actual Data DMC...... $104,000 1.25units $1.6 $2 DLC $145,600 0.2hr $14 $2.8 Variable OH Cost 30,160 0.2hr $2.9 $0.58 Fixed OH Cost $23,920 0.2hr $2.3 $0.46 Production and sales 52,000units DL hours 10,400 hrs 1. Compare and contrast favorable (F) variance and unfavorable (U) variance in terms of expense and revenue. 2. Given the data below: a. Compute Flexible Budget Variance b. Compute Price and efficiency(quantity) Variance component of flexible budget variance