Standards Direct materials Direct labor Variable overhead (per direct labor-hour) Fixed overhead (per month) Expected activity (direct labor-hours) Actual results Direct material (purchased and used) Direct labor Variable overhead Fixed overhead Units produced (actual) Required: K4 0.75 pounds at $7.60 per pound 1.25 hours at $25.60 per hour $ 20.80 $ 415,920 17,330 10,100 pounds at $7.00 per pound 14,780 hours at $25.90 per hour $ 323,060 $ 384,740 12,160 units a. Prepare a variance analysis for each variable cost for each product. b. Prepare a fixed overhead variance analysis for each product. X7 1 pound at $8.20 per pound 1.50 hours at $30 per hour $ 22.60 $ 493,080 23,480 14,180 pounds at $8.50 per pound 22,280 hours at $32.20 per hour $ 462,212 $ 490,520 14,480 units Note: For all requirements, Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. K4 X7 Production Volume Production Volume Price Variance Efficiency Variance Price Variance Efficiency Variance Variance Variance Direct materials $ 6,060 F $ 7,448 U $ 4,254 U $ 2,460 F Direct labor $ 4,434 U $ 10,752 F $ 49,016 U $ 16,800 U Variable overhead $ 15,636 U $ 11,650 F $ 41,316 F U Fixed overhead $ 31,180 F $ 2,560 F