Standard costs for making one football are noted in the table below. Direct materials: 6 pounds at $8/pound Direct labor: 4 hours at $13/hour Variable overhead: 4 hours at $5/hour Total standard cost per unit $48 52 20 $120 Variable manufacturing overhead is applied to production based on direct labor hours. The planning budget for the month that just ended was based on 20,000 footballs. However, actual production & sales were 30,000 footballs. Actual costs incurred were as follows: Purchased 170,000 pounds of raw materials at a cost of $7.20/pound. All of it was used in production. Direct laborers worked 73,000 hours at a rate of $14/hour Total variable manufacturing overhead for the month was $427,050 Questions: 1. What is the materials quantity variance? 2. What is the labor efficiency variance? 3. One component between a planning budget & a flexible budget is the same. Which component is different? 4. Regarding question #3, identify the unique component of the flexible budget & the unique component of the planning budget. 5. What is the relationship between beginning & ending inventory?