Standard Price and Volume \begin{tabular}{|l|} \hline Standards: \\ Direct materials 22.0 yards per awning at $17.00 per yard \\ Direct labor 2.0 hours per awning at $19.00 per hour \\ Variable MOH standard rate $6.00 per direct labor hour \\ Predetermined fixed MOH standard rate $5.00 per direct labor hour \\ Total budgeted fixed MOH cost $19,000 \\ \hline \end{tabular} Actual Results Purchased 49,770 yards at a total cost of $831,159 Used 45,400 yards in producing 2,100 awnings Actual direct labor cost of $75,270 for a total of 3,900 hours Actual variable MOH$25,350 Actual fixed MOH$25,000 Pender Awning manufactures awnings and uses a standard cost system. The company allocates overhead based on the number of direct labor hours. The following are the company's cost and standards data: (Click the icon to view the standards.) Actual cost and operating data from the most recent month are as follows: (Click the icon to view the actual results.) All manufacturing overhead is allocated on the basis of direct labor hours. Requirement 1. Calculate the standard cost of one awning. favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials.) First determine the formula for the price variance, then compute the price variance for direct materials. favorable (F) or unfavorable (U). Abbreviations used: DL = Direct labor.) First determine the formula for the rate variance, then compute the rate variance for direct labor. First determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. the variance as favorable (F) or unfavorable (U).) First determine the formula for the rate variance, then compute the rate variance for variable manufacturing overhead. (Round interim calculations to the nearest cent.) Now compute the variable manufacturing overhead efficiency variance. First determine the formula for the efficiency variance, then compute the efficiency variance for variable manufacturing overhead. Requirement 2d. Calculate the fixed manufacturing overhead variances. (Enter the variance as a positive number. Label the variance as favorable (F) or unfavorable (U).) Begin by computing the fixed manufacturing overhead budget variance. First determine the formula for the budget variance, then compute the budget variance for fixed manufacturing overhead. FixedMOH=budgetvariance= Fixed MOH | = budget variance 1= Now compute the fixed manufacturing overhead volume variance. First determine the formula for the volume variance, then compute the volume variance for fixed manufacturing overhead. FixedMOH=volumevariance Requirement 3. Explain what each of the variances you calculated means and give at least one possible explanation for each of those variances. Direct materials: \begin{tabular}{ll|} Variance & Meaning \\ \hline DM price & \\ DM quantity & \end{tabular} Possible explanation Direct Labor: \begin{tabular}{lll} Variance & Meaning & Possible explanation \\ \hline DL rate & & \end{tabular} Variable manufacturing overhead: \begin{tabular}{llc} Variance & Meaning & Possible explanation \\ \hline VOH rate & & \end{tabular} VOH efficiency Fivod manufarturinn nuorhoad. Are any of the variances likely to be interrelated? The variance is likely to be related to the variance. It is likely that Pender Awning This may have resulted in