The Munchen Company uses a standard cost system. The month's data regarding its single product follow (where is the symbol for the euro, the currency of most countries of the European Union): i (Click the icon to view the data.) Requirement Prepare an analysis of all variances. (Label each variance as favorable (F) or unfavorable (U).) Begin by analyzing direct labor. A B Predicted Overhead - X More Info Costs Incurred: Based on Actual Flexible Budget: Standard Driver Use Allowed for Actual Output Achieved x Standard Prices Actual Inputs x Actual Prices Driver Use x Standard Prices Direct labor Price variance Usage variance Fixed-overhead costs incurred, 6,300 Variable overhead applied at 11 per hour Standard direct-labor cost, 44 per hour Denominator production per month, 220 units Standard direct-labor hours per finished unit, 5 Direct-labor costs incurred, 1,000 hours, 42,500 Variable-overhead costs incurred, 10,400 . Fixed-overhead flexible-budget variance, 300, favorable Finished units produced, 180 Flexible-budget variance Print Done