Taylor Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket (Click the icon to view the cost data) Read the requirements Requirement 1, Compute the price and quantity variances for direct materials. (Enter the variances as positive numbers Enter currency amounts to the nearest cent and your answers to the nearest whole dollar Label the variances as favorable (F) or unfavorable (U) Abbiations de DM Direct maternal) Begin by determining the formula for the price variance, then compute the price variance for direct matenals. DM price wance 1 Now determine the formula for the quantity variance and compute the quantity variance for direct materials BOM quantity wariance ) Requirement 2. Compute the rate and efficiency variances for direct labor (Enter the variances as putnumbers. Enter currency amounts to the newest cent and your answers to the nearest whole dollar Label the variances as foveable Fourable Abbreviations becOirect labor) Determine the formula for the rate vanance, then compute the rate variance for direct labor OL Variance Requirements Direct materials (3.0 sq. t * $3.80 per sq. ft) $11.40 Direct labor (2.0 hours * $9.50 per hour) 19.00 Manufacturing overhead Variable (2.0 hours 5058 per hour) S 1.16 Fixed (2.0 hours $2.25 per hour) 4.50 5.66 Total standard cost per jacket $ 35.06 Fixed overhead in total was budgeted to be $63.350 for each month Actual data for November of the current year include the following a. Actual production was 13,500 jackets b. Actual direct materials used was 240 square foot per jacket at an actual cost of $3.90 per square foot (Assume the direct materials purchased is the same as the direct materials used) c. Actual direct labor usage of 24,800 hours for a total cost of $240,560 d. Actual fixed overhead cost was $56.565, while actual variable overhead cost was $14,880 1. Compute the price and quantity variances for direct matenals 2. Compute the rate and efficiency variances for direct labor 3. Compute the rate and efficiency variances for vanable overhead 4. Compute the fixed overhead budget variance and the fixed overhead volume variance 5. Company management intentionally purchased superior materials for November production. How did this decision affect the other cost variances? Overall, was the decision wise? Explain 6. Journalize the usage of direct materials and the assignment of direct labor including the related variances Print Done