Sweetwater Company manufactures two products, Mountain Mist and Valley Stream. The company prepares its master budget on the basis of standard costs. The following data are for March: Standards Mountain Mist Valley Stream Direct materials 3 ounces at $14.60 per ounce 4 ounces at $17.20 per ounce Direct labor 5 hours at $60.40 per hour 6 hours at $80.00 per hour Variable overhead (per direct labor-hour) $48.00 $53.40 Fixed overhead (per month) $370,640 $399,360 Expected activity (direct labor-hours) 6,560 7,800 Actual results Direct material (purchased and used) 4,000 ounces at $14.40 per ounce 4,500 ounces at $19.50 per ounce Direct labor 4,990 hours at $63.00 per hour 7,500 hours at $84.60 per hour Variable overhead $263,550 $387,510 Fixed overhead $325,950 $399,300 Units produced (actual) 1,090 units 1,240 units Required: (a) Compute a variance analysis for each variable cost for each product. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Do not round intermediate calculations.) (b) Compute a fixed overhead variance analysis for each product. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Do not round intermediate calculations.) Sweetwater Company manufactures two products, Mountain Mist and Valley Stream. The company prepares its master budget on the basis of standard costs. The following data are for March: Standards Mountain Mist Valley Stream Direct materials 3 ounces at $14.60 per ounce 4 ounces at $17.20 per ounce Direct labor 5 hours at $60.40 per hour 6 hours at $80.00 per hour Variable overhead (per direct labor-hour) $48.00 $53.40 Fixed overhead (per month) $370,640 $399,360 Expected activity (direct labor-hours) 6,560 7,800 Actual results Direct material (purchased and used) 4,000 ounces at $14.40 per ounce 4,500 ounces at $19.50 per ounce Direct labor 4,990 hours at $63.00 per hour 7,500 hours at $84.60 per hour Variable overhead $263,550 $387,510 Fixed overhead $325,950 $399,300 Units produced (actual) 1,090 units 1,240 units Required: (a) Compute a variance analysis for each variable cost for each product. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Do not round intermediate calculations.) (b) Compute a fixed overhead variance analysis for each product. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Do not round intermediate calculations.)