Req A and B Req C and D Req E Req F Compute the fixed cost spending and volume variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Fixed MOH Cost Spending variance Volume variance Variance < Req E Req F > Req A and B Req C and D Req E Req F Compute the price and usage variances for direct materials and direct labor. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Cost Direct materials: Price variance Usage variance Direct labor: Price variance Usage variance Variance < Req C and D Req F Req A and B Req C and D Req E Req F Compute the actual cost per candle for direct materials, direct labor, overhead and also the total actual cost per candle. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Cost Direct material Direct labor Overhead Total per candle Actual Cost per Unit < Req A and B Req E > Req A and B Req C and D Req E Req F Compute the standard cost per candle for direct materials, direct labor, overhead and also the total standard cost for one drip candle. (Round your answers to 2 decimal places.) Cost Standard Cost per Unit Direct material Direct labor Overhead Total per candle < Req A and B Req C and D > Problem 8-27A (Algo) Computing standard cost and analyzing variances LO 8-5, 8-6 Finch Company manufactures molded candles that are finished by hand. The company developed the following standards for a new line of drip candles. Amount of direct materials per candle Price of direct materials per pound Quantity of labor per unit Price of direct labor per hour Total budgeted fixed overhead 1.10 hours 2.10 pounds $ 0.70 $ 8.90/hour $ 217,000 During Year 2, Finch planned to produce 35,000 drip candles. Production lagged behind expectations, and it actually produced only 30,000 drip candles. At year-end, direct materials purchased and used amounted to 64,300 pounds at a unit price of $0.67 per pound. Direct labor costs were actually $8.60 per hour and 35,600 actual hours were worked to produce the drip candles. Overhead for the year actually amounted to $195,000. Overhead is applied to products using a predetermined overhead rate based on estimated units. Required a.&b. Compute the standard cost per candle for direct materials, direct labor, overhead and also the total standard cost for one drip candle. c.&d. Compute the actual cost per candle for direct materials, direct labor, overhead and also the total actual cost per candle. e. Compute the price and usage variances for direct materials and direct labor. f. Compute the fixed cost spending and volume variances. Complete this question by entering your answers in the tabs below