Set 3. (20 points) 1. Fill out the blanks in color. If no answer key is needed, just leave the blank. 2. Each cell MUST Include a formula, link, or a working process. (except for the given number from the questions) 3. Directly typing only the answers on the cell wan't get the full credits. (except for given numbers from the questions) 4. Sharing answers and files will result in the Zero Grode both giver and receiver. (Plagiarism will be checked) ABC Company uses a standard cost system. The month's data regarding its product in actual and standard as follow: Actual Direct material cost per pound (5) Standard 0.97 Direct material cost per pound (5) 1.00 Material purchased and used in total output (pound) 3,300 Direct material used in a unit (pound) 3.00 Direct labor rates per unit of input ($) 7.70 Direct labor rates per unit of input (5) 8.00 Direct labor hours incurred in total output (hours) 5,500 Variable overhead cost incurred in total ouput (5) 4,620 Direct labor used in a unit (hour) Variable overhead cost in total (5) 5.00 4,000 Fixed overhead cost incurred in total output(5) 7,200 Faxed overhead cost in total (5) 7,350 "The units produced for actual output during the month were 1,000. Supporing Schedule. Actual and Standard data. Standard Data Requirement 1. Prepare the following schedules and all variances, and analyze the results. Units of Actual Output level Standard Price Standard Quantity per unit of Input per unit Direct material cost (5, pound) Direct labor cost (5, hour) Standard Quantity Price and Quantity Actual Price of Acutal and Standard per unit of input Actual Quantity used for Output Standard Price per unit of Input of Output level achieved Direct material cost (5, pound) Direct labor cost (5, hour) Variable Overhead (5, hour) "Cost driver of Variable Overhead: Direct labor hours Flexible Budget Variances. Flexible Budget Variance Actual Cost Incurred: Flexible Budget Variance F/U Flexible Budget: Direct material cost (5, pound) Direct labor cost (5, hour) Variable overhead cost (5, hour) Fixed overhead cost Price (Rate, Spending) and Quantity (Usage, Efficiency) Variances. Variances Direct material cost Direct labor cost Variable overhead cost Actual Cost Incurred Price (Rate, Spending) Variance F/U Standard Prices x Actual Quantities used for Output Quantity (Usage, Efficiency) Variance F/U Flexible Budget Flexible Budget Variances F/U Fixed overhead cost Requirement 2. You are an upper manager of the production manager who is reponsible for the budget variances. Renniramaut 1 Points