The following data were drawn from the records of Walton Corporation. Planned volume for year (static budget) Standard direct materials cost per unit Standard direct labor cost per unit Total expected fixed overhead costs Actual volume for the year (flexible budget) Actual direct materials cost per unit Actual direct labor cost per unit Total actual fixed overhead costs Required 4,800 units 3.10 pounds @ $ 1.70 per pound 4.10 hours @ $4.60 per hour $ 21,120 5,000units 2.50 pounds @ $2.10 per pound 4.50 hours @ $4.00 per hour $ 16,820 a. Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity. b. Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). c. Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours. d. Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). e. Calculate the predetermined overhead rate, assuming that Walton uses the number of units as the allocation base. f. Calculate the fixed cost spending variance. Indicate whether the variance is favorable (F) or unfavorable (U). g. Calculate the fixed cost volume variance. Indicate whether the variance is favorable (F) or unfavorable (U). Req A Req B Req C Req D Req E to G Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity. Note: Enter "Standard price" and "Actual price" to 2 decimal places. Materials Variance Information Table Standard price per pound Actual price per pound Standard quantity for flexible budget pounds Actual quantity used pounds < Req A Req B > Req A Req B Req C Req D Req E to G Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). Note: Select "None" if there is no effect (i.e., zero variance). Materials price variance Materials usage variance < Req A Req C > Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours. Note: Enter "Standard price" and "Actual price" to 2 decimal places. Labor Variance Information Table Standard price per hour Actual price per hour Standard hours for flexible budget Actual hours used < Req B Req D > Req A Req B Req C Req D Req E to G Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). Note: Select "None" if there is no effect (i.e., zero variance). Labor price variance Labor usage variance < Req C Req E to G > Req A Req B Req C Req D Req E to G Calculate the predetermined overhead rate, assuming that Walton uses the number of units as the allocation base. Calculate the fixed cost spending variance and the fixed cost volume variance. Indicate whether the variances are favorable (F) or unfavorable (U). Note: Round "Predetermined overhead rate" answer to 2 decimal places. Select "None" if there is no effect (i.e., zero variance). e. Predetermined overhead rate f. Fixed cost spending variance g. Fixed cost volume variance per unit < Req D Req E to G > Show less