Question: You have been given the following per unit information about the production of Silver Inc., and are asked to provide the plant manager with information for a meeting with the vice-president of operations: Standard Standard Actual Actual Quantity Price Quantity Price Direct materials 5 kg $2.50 / kg 4.5 kg $2.80 / kg Production data, both budgeted and actual, for the year are as follows: Description Amount Actual production (units) 43,000 Actual materials purchased and used (kg) 193,500 Required: Calculate the direct material price and usage (also called efficiency) variances and use your solution to answer the following questions. NOTE: Please enter all variances as positive numbers. The amount of the direct material price variance is $ A Indicate if the direct material price variance is favourable (enter the letter F) or unfavourable (enter the letters UF). A The amount of the direct material usage variance (also called efficiency variance) is $ A Indicate if the direct material usage variance is favourable (enter the letter F) or unfavourable (enter the letters UF). A Cash balance, July 1st S 1,230,000 Cash sales in July 6,000,000 Credit sales for the month of: May 4,000,000 June 3,000,000 July 5,000,000 Purchases for the month of: June 4,500,000 July 4,000,000 Other expenses in July: Salaries 3,250,000 Utilities 330,000 Depreciation 1,000,000 70% of credit sales are collected in the month of sale, 15% in the following month, and 10% in the second month following the sale. 25% of purchases are paid in the month of purchase and the remaining 75% in the following month. 100% of other expenses are paid in the month recorded. Required: Prepare a cash collections and cash payment schedule as well as a cash budget for the month. Total cash sales and collections on account for the month are $ A Total cash available for the month is $ A Payments for purchases during the month are $ A/ Payments for other expenses during the month are $_ A The ending cash balance for the month is $