Standard Price and Volume Patterson 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.) Requirement 2c. Calculate the variable manufacturing overhead variances. (Ento your answers to the nearest whole dolar Label the variance as favorable (F) or un First determine the formula for the rate variance, then compute the rate variance fd Standards: Direct materials 21.0 yards per awning at $12.00 per yard Direct labor 2.0 hours per awning at $18.00 per hour Vanablo MOH standard rate $4.00 per direct labor hour Predetermined fixed MOH standard rate $11.00 per direct lobor hour Total budgeted fixed MOH cost $43,000 Print Done Now compute the variable manufacturing overhead efficiency variance. First determine the formule Tortleemidency variance, the computer me emiciency varande To variable manufacturing overhead Variable overhead efficiency variance Requirement 2. Calculate the fixed manufacturing overhead variances. (Enter the variance as a positive number Label the variance as favorable (F) or unfavorable (U).) Recin homine the five manufacturinonhand buriet variance. First determine the form for the bidont variance then not the buttont varianna for fived Patterson 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. Requirements hey amounts to the nearest cont and Requirement 2c. Calculate the vario your answers to the nearest whole od First determine the formula for the ra im calculations to the noareat cont.) 1. Calculate the standard cost of one awning 2. Calculate the following variances a. The direct material variances. b. The direct labor variances . The variable manufacturing overhead variances. d. The fixed manufacturing overhead variances 3. Explain what each of the variances you calculated means and give at least no possible explanation for each of those variances. Are any of the variances likely to be interrelated? compute the efficiency variance for Now compute the variable manufactu variable manufacturing overhead Print Done Requirement 2d. Calculate the fixed ce as favorable (F) or unfavorable (U) Resin by onmoting the fixed manufacturing overhead hudent varianon First datermine the formula for the buttont variance then romoute the bidont variance for fixed Choose from any list or enter any number in the input fields and then continue to the next question ? Patterson Awning manufactures awnings and uses a standard cost system. The Actual cost and operating data from the most recent month are as follows: company allocates overhead based on the number of direct labor hours. The (Click the icon to view the actual results.) following are the company's cost and standards data Click the icon to view the standards.) All manufacturing overhead is allocated on the basis of direct labor hours. Read the requirements Requirement 20. Calculate the variable manufacturing overhead variances (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole doliar. Label the varianon 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.) Variable overhead rate variance Now compute the variable manufacturing overhead efficiency variance. First determine the formula for the officiency variance, then compute the efficiency variance for Variable manufacturing overhead Variable overhead elficiency variance Requirement 2. Calculate the lived manufacturing overhead variances (Enter the variance as a positive number Label the variance as favorable (F) or unfavorable (U) Brain tv commutin the fived mandarina cvarhead budent variance. First termine the formula for the hot variantun comide the bodont varianon for fine Art Patterson 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. Read the requirements Variance Meaning Possible explanation DM price DM quantity Direct Labor: Meaning Possible explanation Variance DL rate DL officiency Variable manufacturing overhead: Variance Meaning Possible explanation VOH rate VOH officiency Fixed manufacturing overhead: Variance Meaning Possible explanation FOH budget hired less qualified employees at a lower rate hired more qualified employees at a higher rate purchased higher quality materials at higher price purchased lower quality materials at a lower price d to the This may have resulted in variance. It is likely that Patterson Awning to the nortinn Fixed manufacturing overhead: Variance Meaning Possible explanation FOH budget an increase in materials needed FOH volume a reduction in materials needed decreased labor efficiency improved labor efficiency Are any of the variances likely to be interrelated? son Awning The variance likely to be related to the This may have resulted in