Standard Price and Volume Actual Results Standards: Direct materials 17.0 yards per awning at $10.00 per yard Direct labor 40 hours per awning at $11.00 per hour Variable MOH standard rate $5.00 per direct labor hour Predetermined fixed MOH standard rate $8.00 per direct labor hour Total budgeted fixed MOH cost $67.900 Purchased 40,480 yards at a total cost of $400752 Used 36,500 yards in producing 2 200 awnings Actual direct labor cost of $97,750 for a total of 8,500 hours Actual variable MOH $46,750 Actual fixed MOH $71,900 Lequirement 1. Calculate the standard cost of one awning Standard cost per unit Standard cost Direct materials Direct labor Variable MOH Fixed MOH Total standard cost Requirement 2a. Calculate the direct material variances (Enter the variances as positive numbers Enter currency amounts to the nearest cent Abbreviations used: DM = Direct materials.) First determine the formula for the price variance, then compute the price variance for direct materials = DM price variance Determine the formula for the quantity variance, then compute the quantity variance for direct materials ) = DM quantity variance Requirement 2b. Calculate the direct labor variances (Enter the variances as positive numbers. Enter currency amounts to the nearest ce used DL = Direct labor.) First determine the formula for the rate variance, then compute the rate variance for direct labor. ) = DL rate variance First determine the formula for the efficiency variance, then compute the efficiency variance for direct labor ) = DL efficiency variance Requirement 2c. Calculate the variable manufacturing overhead variances (Enter the variances as positive numbers. Enter currency amounts to unfavorable (U).) First determine the formula for the rate variance, then compute the rate variance for variable manufacturing overhead (Round interim calculations Variable overhead rate variance Read Now compute the variable manufacturing overhead efficiency variance. First determine the formula for the efficiency variance, then comput Variable overhead efficiency variance Requirement 2d. Calculate the fixed manufacturing overhead variances. (Enter the variance as a positive number. Label the variance as fav Begin by computing the fixed manufacturing overhead budget variance. First determine the formula for the budget variance, then compute the Fixed MOH = budget variance Now compute the fixed manufacturing overhead volume variance. First determine the formula for the volume variance, then compute the volume Fixed MOH = volume variance