Webber Corp. (WC) produces a popular brand of widgets which it sells to wholesalers at a price of $56. WC uses standard costing and has determined the following standard costs for a budgeted production level of 25,000 units: Direct materials Direct Labour 2 metres @ $8.5 per metro 1.5 hours $20 per DLH 1.5 hours $4 per DLH 1.5 hours $6 per DLH Variable MOH Fixed MOH In the most recent month, a total of 28,000 units were produced and sold. Additional information: 1. WC purchased 58,000 metres of direct materials during the month at a total cost of $490,100. It had 1,500 metres on hand at the beginning of the month, and it ended the month with 2,700 metres. 2. During the month, WC incurred 42800 direct labour hours at a total cost of $813,200. 3. The total manufacturing overhead during the month was $400,000, of which variable manufacturing overhead consisted of $181,900. Required: a) Calculate the following variances and note them in the blanks. Materials price variance was $ (State F for favourable, U for unfavourable) Materials quantity variance was $ |(State Ffor favourable, U for unfavourable) b) Calculate the following variances are note them in the blanks. Variable overhead spending variance was $ unfavourable) (State F for favourable, U for (State F for favourable, U for Variable overhead efficiency variance was $ unfavourable) Use this space to show your calculations of the variances entered above. This is optional. Marks will only be awarded for variances entered in the spaces above. Prepare the journal entry(entries) necessary to record the variances calculated in Question 3 part a) above. Considering the variances calculated in Question 3, identify which variance would be most important to investigate further. Other than an incorrect standard, provide a possible explanation for the variance