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Fanning's Doll Company produces handmade dolls. The standard amount of time spent on each doll is $1\mathrm{.}50$ hours. The standard cost of labor is $$7\mathrm{.}65$ per hour. The company planned to make $7,600$ dolls during the year but actually used $11,800$ hours of labor to make $8,700$ dolls. The payroll amounted to $$93,574.$

Required

a$.$ Should labor variances be based on the planned volume of $7,600$ dolls or the actual volume of $8,700$ dolls?

b$.$ Prepare $y^3$ table that shows the standard labor price, the actual labor price, the standard labor hours, and the actual labor hours.

c$.$ Compute the labor price variance and indicate whether it is favorable $($F$)$ or unfavorable $($U$).$

d$.$ Compute the labor usage variance and indicate whether it is favorable $($F$)$ or unfavorable $($U$).$

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Req C and D

Should labor variances be based on the planned volume of $7,600$ dolls or the actual volume of $8,700$ dolls?

Labor variances should be based on the