Requirement 1. Prepare schedules of all variances. Requirement 1. Prepare schedules of all variances. Begin by completing the analysis below to show the direct material variances. Label each variance as favorable (F) or unfavorable (U). Data table - Materials purchased and used, 18,600 pounds - Direct-labor costs incurred, 4,200 hours, $49,560 - Variable-overhead costs incurred, $5,754 - Finished units produced, 2,000 - Actual materials cost, $8.97 per pound - Standard variable-overhead rate, $1.30 per direct-labor hour - Standard direct-labor cost, $12 per hour - Standard materials cost, $9 per pound - Standard pounds of material in a finished unit, 9 - Standard direct-labor hours per finished unit, 2 Requirement 1. From the preceding information, fill in the following blanks. Be sure to mark your variances F for favorable and U for unfavorable. (Click the icon to view the table to complete.) (If there is no variance, leave the amount cell blank and do not select a label.) Data table a. Flexible-budget variance Fixed Variable Requirement Prepare an analysis of all variances. (Label each variance as favorable (F) or unfavorable (U).) Begin by analyzing direct labor. More info - Direct-labor costs incurred, 7,500 hours, $90,000 - Variable-overhead costs incurred, $16,400 - Fixed-overhead flexible-budget variance, $1,900, favorable - Finished units produced, 1,300 - Fixed-overhead costs incurred, $25,100 - Variable overhead applied at $2.00 per hour - Standard direct-labor cost, $12.80 per hour - Denominator production per month, 1,500 units - Standard direct-labor hours per finished unit, 5 Requirement Prepare an analysis of all variances. (Label each variance as favorable (F) or unfavorable (U).) Begin by analyzing direct labor. More info - Fixed-overhead costs incurred, 10,100 - Variable overhead applied at 7 per hour - Standard direct-labor cost, 48 per hour - Denominator production per month, 200 units - Standard direct-labor hours per finished unit, 6 - Direct-labor costs incurred, 1,700 hours, 75,990 - Variable-overhead costs incurred, 11,400 - Fixed-overhead flexible-budget variance, 700, favorable - Finished units produced, 170