Snoopy's Workshop has one product and the following costs per unit to make one Snoopy: Direct materials per unit: 4 bags of stuffing @ $1 per bag Direct labor per unit: 3 minutes to stuff one Snoopy @ $10/hour Variable overhead (based on Direct Labor Hours): 3 minutes at $5/DLH The planning budget was based on producing and selling 5,000 units. However, during the period, the company incurred the following costs: (a) 18,700 bags of stuffing were used to produce 4900 Snoopies. Cost per bag was $1.10 (b) Direct laborers worked 270 hours at a rate of $12.00 per hour (c) Total variable manufacturing overhead for the month was $1300 (d) Fixed Expense information is not given in this example (e) Sales price per unit is $25 Prepare three budgets. A Planning Budget at 5000 units. A Flexible Budget at 4900 units. An Actual Results Budget at 4900 units. Prepare a Variance Analysis by comparing the Flexible Budget to the Actual Results Budget. Showing the formulas, calculate the following variances: a) Materials Quantity Variance b) Materials Price Variance c) Labor Rate Variance d) Labor Efficiency Variance e) Variable overhead Rate Variance f) Variable Overhead Efficiency Variance.