The Outdoor Vest company has provided the following information about their product Budget or standard information Standard material used for each vest Male Female Liner 9.4 5.2 7.0 yards 4.0 pounds Filler Standard direct labor hours for each vest 0.5 0.4 hours Estimated planned production 6,200 5,000 Units Standard labor rate $14.00 per hour Standard material cost Liner Filler $8.00 per yard $2.00 per pound Actual information Male 5,800 Female 4,400 Actual units produced Actual labor hours worked 2,800 1,825 Actual labor rate $14.50 $14.70 Actual material purchased and used Liner Filler 85,100 yards 48,000 pounds Actual material cost per item Liner $8.20 Per yard Filler $1.90 Per pound Required 1A 1B Prepare the material purchase price variance Based on your answer explain the impact on the product cost on the income Prepare the material usage variance Explain why (sometimes) a favorable usage variance may cause issues with the product. 2A 2B In your own words explain the purpose of the direct labor efficiency variance. Available resources, Excel worksheet from class, recording, textbook