The following standard costing data, per unit, are for Black Ltd. for January Direct materials Direct labour Variable overhead Fixed overhead 65 kilograms at $5.5 per kilogram 10 hours at $19.5 per hour 10 hours at $6.5 per hour $75 For January, Black's flexible budget volume of output was 840 units. Budgeted (planned) output was 870 units. Direct materials purchased and used were 52.900 kilograms at a total cost of $296,240. Direct labour used was 9,410 hours at $18.7 per hour. Variable overhead cost was $54,230. Actual fixed overhead cost was $66,350. Fixed overhead cost is applied using direct labour-hours. The normal volume is the same as the planned volume for January. Required: 1. Prepare the static and flexible budgets and show the variances by completing the table given below. (Round "Direct materials price" and "Direct labour rate" answers to 2 decimal places.) Direct materials price Direct materials quantity AR SR kg Required: 1. Prepare the static and flexible budgets and show the variances by completing the table given below. (Round "Direct materials price" and "Direct labour rate" answers to 2 decimal places.) Direct materials price Direct materials quantity Direct labour rate Direct labour efficiency Variable overhead spending (rate) Variable overhead efficiency Fixed overhead Actual cost AR per DLH hours Budgeted amount SR kg per DLH $ 7 per DLH units 2. Calculate the direct labour flexible budget variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Labour rate variance $ 7,528 F Labour efficiency variance $ 1,010 U 3. Calculate the direct materials variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Materials price variance $ 310 F Materials quantity variance $ 55,550 F 4. Compute the variable overhead variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Spending variance Efficiency variance $ 6,565 F Total variable overhead variance 5. Compute the fixed overhead variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Fixed overhead budget variance $ 1,100 U Fixed overhead volume variance $ 2,250 U Total fixed overhead variance $ 3,350 U