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CompositeStone is producing wash-basins from a stone like composite material. They decided to buy a more expensive material that is more efficient in production: budgeted price was 7.00/kg, actual price is 8.20/kg. Budgeted usage is 20kg/ product. Standard time to produce one wash-basin is 2 hours. Budgeted hourly rate is 28.00/hr, actual spending is 26.50/hr. CompositeStone produced last quarter 14400 units; they used 232000kg of material and paid 29000hr of labor. Calculate price and quantity variance, profit/loss (real costs compared to budgeted costs) for material, labor and total. Indicate for each of the elements of your calculation if they are favorable (F) or unfavorable (U). Give a short comment on your findings. Calculate the budgeted and the actual cost price of one wash-basin