Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (15 the per lb.) Direct labor (3 hrs. 116 per hr.) S60 During June the company incurred the following actual costs to produce 8,900 units. Direct materials (135,700 lbs. 53.75 per lb.) Direct labor (31,300 hrs. $16.10 per hr.). 508,875 503,930 AH = Actual Hours SH - Standard Hours AR = Actual Rate SR = Standard Rate AQ - Actual Quantity SQ - Standard Quantity AP - Actual Price SP - Standard Price (1) Compute the direct materials price and quantity variances (2) Compute the direct laborrate variance and the direct labor efficiency variance Indicate whether each variance is favorable of unfavorable. Complete this question by entering your answers in the tabs below. SP = Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances and classify it as favorable or unfavorable. Actual Cost Standard Cost 0 $ 0 $ 0 Required 2 > (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance Indicate whether each variance is favorable or unfavorable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost $ 0 01 (Required 1 Required information The following information applies to the questions displayed below) A manufactured product has the following information for June. (6 lbs. 3 hrs. (3 hrs. 39 per lb.) $15 per hr.) $11 per hr.) 40.400 lbs. 23,800 hrs. $270.500 39.10 pe $15 Overhead Units manufactured AQ - Actual Quantity SO Standard Quantity AP = Actual Price SP Standard Price Compute the direct materials price variance and the direct materials quantity unfavorable Actual Cost Required information (The following information applies to the questions displayed below.) A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard (6 lbs. @ $9 per lb.) (3 hrs. $15 per hr.) (3 hrs. e $11 per hr.) Aetual 48.400 lbs. $9.10 per lb. 23.800 hrs. $15.40 per hr. $270,500 8,000 AH = Actual Hours SH = Standard Hours AR - Actual Rate SR - Standard Rate Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost $ 0 $ 0 0 Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 17,000 units. 3,825,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials $935.000 Direct labor 170,000 Machinery repairs (variable cost) 51.000 Depreciation-Plant equipment (straight-line) 315,000 Utilities ($34,000 is variable) 184,000 Plant management salaries 215,000 Gross profit Selling expenses Packaging 68,000 Shipping 102.000 Sales salary (fixed annual amount) 250,000 General and administrative expenses Advertising expense 134,000 Salaries 251.000 Entertainment expense 100.000 Income from operations 1,870,000 1,955,000 485.000 $1,050,000 Phoenix Company's actual income statement for 2017 follows. PHOENIX COMPANY Statement of Income from Operations For Year Ended December 31, 2017 Sales (20,000 units) Cost of goods sold Direct materials $1,116,000 Direct labor 209.000 Machinery repairs (variable cost) 52,000 Depreciation Plant equipment straight-line) 315.000 Utilities (fixed cost is $148,000) 187,500 Plant management salaries 225,000 Gross profit Selling expenses Packaging 77.250 Shipping 112.500 Sales salary annual) 267,000 General and administrative expenses Advertising expense 142,000 Salaries 251.000 Entertainment expense 103,000 Income from operations 2,104,500 2,458,500 456,750 496,000 $1,505,750 PHOENIX COMPANY Flexible Budget Performance Report For Year Ended December 31, 2017 Flexible Budget Actual Results Variances Fav. / Unfav. Variable costs Fixed costs TTTT Hutto Corp, has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materiale (15 lbs. $3 per lb.) Direct labor(hrs. $14 per hr. ) During May the company incurred the following actual costs to produce 8,700 units Direct materials (133,000 lbs. $2.80 per lb.) Direct labor (29,800 hrs. $14.10 per hr.). $372,400 420,180 AH = Actual Hours SH - Standard Hours AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ - Standard Quantity AP - Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. unfavorable. each variance is favorable or Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances and classify it as favorable or unfavorable. Actual Cost Standard Cost $ 0 $ 0 Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost