The following standard costing data, per unit, are for Black Ltd. for January: Direct materials 78 kilograms at $9.5 per kilogram Direct labour 11 hours at 537.5 per hour Variable overhead 11 hours at 512.5 per hour Fixed overhead $77 For January. Black's exible budget volume of output was 1,200 units. Budgeted (planned) output was 1,230 units. Direct materials purchased and used were 81,600 kilograms at a total cost of $783,360. Direct labour used was 14,780 hours at $36.7 per hour. Variable overhead cost was $164,750. Actual xed overhead cost was $97,010. 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 exible 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 AQ SQ kg kg units hours hours units hours hours units Planned hours units volume2. 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 Labour efficiency variance3. 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 Materials quantity variance4. 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 Total variable overhead variance5. 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 Fixed overhead volume variance Total fixed overhead variance