Standard Price and Volume Pratt 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: EEB (Click the icon to view the standards.) Actual cost and operating data EEB Click the icon to view the All manufacturing overhead is Read the requirements. Standards: Direct materials 17.0 yards per awning at $11.00 per yard Direct labor 5.0 hours per awning at Variable MOH standard rate $2.00 per direct labor hour Predetermined fixed MOH standard rate $10.00 per direct labor hour Total budgeted fixed MOH cost $77,200 Requirement 1. Calculate the standard cost of one awning. Standard cost Direct materials Direct labor Variable MOH Fxed MOH Total standard cost Requirement 2a. Calculate the direct material variances. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U) Standard cost per unit PrintDone Abbreviations used: DM-Direct materials.) First determine the formula for the price variance, then compute the price variance for direct materials. Actual Results -DM price variance Purchased 29,920 yards at a total cost of $308,176 Used 26,500 yards in producing 1,600 awnings Actual direct labor cost of $129,068 for a total of 7,870 hours Actual variable MOH $18,888 Actual fixed MOH $80,200 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 cent and your answers Abbreviations used: DL Direct labor.) First determine the formula for the rate variance, then compute the rate variance for direct labor PrintDone = DL rate variance Choose from any list or enter any number in the input fields and then continue to the next