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 won't get the full credits. (except for given numbers from the questions) 4. Sharing answers and files will result in the Zero Grade 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 (S) Standard 0.97 Material purchased and used in total output (pound) Direct labor rates per unit of input (S) 3,300 7.70 Direct material cost per pound (S) Direct material used in a unit (pound) Direct labor hours incurred in total output (hours) 5,500 Variable overhead cost incurred in total ouput ($) 4,620 Fixed overhead cost incurred in total output(S) 7,200 Direct labor rates per unit of input (S) Direct labor used in a unit (hour) Variable overhead cost in total (5) Fixed overhead cost in total ($) "The units produced for actual output during the month were 1,000. Requirement 1. Prepare the following schedules and all variances, and analyze the results. Supporing Schedule. Actual and Standard data. Standard Data Direct material cost ($, pound) Standard Price Standard Quantity per unit of Input per unit Units of Actual Output level Direct labor cost ($, hour) Standard Quantity Price and Quantity Actual Price Actual Quantity Standard Price of Output level of Acutal and Standard per unit of Input used for Output per unit of Input achieved Direct material cost ($, pound) Direct labor cost ($, hour) Variable Overhead (S, hour*) Cost driver of Variable Overhead Direct labor hours of Acutal and Standard per unit of mput used for Direct material cost (S, pound) Direct labor cost (S, hour) Variable Overhead (S, 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 (S, pound) Direct labor cost ($, hour) Variable overhead cost ($, 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 Quantity (Usage, x Actual Quantities used for Output Efficiency) Variance F/U Flexible B Fixed overhead cost Requirement 2. You are an upper manager of the production manager who is reponsible for the budget variances. Requirement 2-1. Analyze the direct material cost variances and give the production manager a right feedback related to the price Requirement 2-2. Analyze the direct labor cost variances and give the production manager a right feedback related to the rate and Requirement 2-3. Analyze the variable overhead cost variances and give the production manager a right feedback related to the sp Requirement 2-4. Analyze the fixed overhead cost variances and give the production manager a right feedback related to the spen The End of the Problem Set 3 Chines used for Output Flexible Budget 2015 OTA CORO per unit of Input Variance F/U Flexible Budget: Gris Ped achieved ency) Variances. Price (Rate, Spending) Standard Prices Quantity (Usage, x Actual Quantities Efficiency) Flexible Budget Variance F/U used for Output Variance F/U Flexible Budget Variances F/U production manager who is reponsible for the budget variances. ariances and give the production manager a right feedback related to the price and quantity variances. unces and give the production manager a right feedback related to the rate and usage variances. Et variances and give the production manager a right feedback related to the spending and efficiency varia ariances and give the production manager a right feedback related to the spending and efficiency variance The End of the