Surrey Bikes, Inc. manufactures double bench bikes for resorts and other vacation properties. Management is asking that the accountant compute the budget variances for 2022. Using the information provided on the BLUE TABS, calculate the following variances. Include a description of the variables for each computation. In order to receive credit --> show your calculations!! Hint:Start by calculating the standard DM cost of one unit, actual DM cost of one unit, standard labor cost for one unit and actual labor cost for one unit. Check the production budget for the planned number of bikes. The actual number of bikes produced is provided in the Additional Info - Actual Costs tab. Product Costs Unit Expected/Standard Cost Actual Total Unit Cost Total Material Price Variance Material Quantity Variance Total Materials Variance Labor Quantity Variance Labor Price Variance Total Labor Variance Surrey Bikes, Inc. manufactures double bench bikes for resorts and other vacation properties. Management now wants the accountants to complete an analysis to compare the budgeted costs to standard costs for 2022. During the year 2022, the company completed 680 bikes. Let's discuss changes from budget and standard that occurred during 2022. Overall, the company was able to increase several efficiencies. However, the company also experienced some increased costs. Use this information to complete the CH24 Budet Variances tab; the green section. Electrical Parts Direct Materials The purchase price increased by $2.50 per set. There was also an increase in freight of by $0.25 per set. Wheels and Tires Direct Materials: The company was able to secure the same materials from a new supplier at a cost of $9/set. However, freight cost increased by $0.50 per wheel and tire set. Metal Parts Direct Materials: The company was also able to reduce the amount of material used for each bike by 3 pounds. The acual cost of the metal parts was $0.52 per pound. Canvas Fabric Direct Materials: The company was also able to reduce the amount of material used for each bike by one-half a yard. The acual cost of the canvas fabric was $4.95 per yard. Direct labor: Employees were tasked with increasing equipment assembly and decreasing labor hours. They were successful in 2022 and brought hours down by 5/hours/unit! The company provided a $1/hour raise! This also lead to an increase of $0.25/hour in payroll taxes. Manufacturing overhead: There were no changes in manufacturing overhead, no variance needs to be computed Using this information, computer the budget variances incurred during 2022