Score: 0 of 1 pt 10 of 10 (9 complete) HW Score: P8-43 (book/static) Crescent Tool Works uses a standard cost system. The month's data regarding its iron castings follow: (Click the icon to view the data.) 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). A B Actual Cost Incurred: Actual Inputs x Actual Prices Flexible Budget Based on Actual Inputs x Standard Prices Flexible Budget Based on Standard Inputs Allowed for Actual Outputs Achieved x Standard Prices Direct material Price variance Quantity variance Flexible budget variance 10 of 10 (9 complete) system. The month's data regarding its iron castings follow: i Data Table varie sha avorable Materials purchased and used, 3,300 pounds Direct-abor costs incurred, 5,500 hours, $42,350 Variable-overhead costs incurred, $4,620 Finished units produced, 1,000 Actual materials cost, $0.97 per pound Standard variable-overhead rate, $0.80 per direct-labor hour Standard direct-labor cost, $8 per hour Standard materials cost, $1 per pound Standard pounds of material in a finished unit, 3 Standard direct-labor hours per finished unit, 5 variar FI Print Done mber in the input fields, then click Check Answer. Clear All 14 28 ? A