Yasaki Limited is a company that produces badminton racket and it sales is growing at a fast speed enjoying great profits and sales figures. The standard and actual costs per unit for the current period, during which 600 units were actually produced, are given below: Standard Actual Materials: $ 3.04 Actual: 2 feet at S1.7 per fo Direct labor: $ 3.40 9.15 9.92 Variable manufacturing overhead Actual: ? hours at $2.7 per hour.. $16.54 $17.64 Basically, all of the material purchased during the period would be used in production during the period. The variable manufacturing overhead is based on the direct labor hours Required: Part 1 From the foregoing information, compute the following variances. Indicate whether the variance is favorable (F) or unfavorable (U) using either the equation approach or!3 vertical column methoo (36 marks) a. Material price variance b. Material quantity variance c. Direct labor rate variance. d. Direct labor efficiency variance e. Variable overhead rate variance. f. Variable overhead efficiency variance g. Variable spending variance. Part 2 In the process of making decision for launching a product, budgeting is an essential element for a company. In this regard, is a planning budget based on the actual level of activity incurred during a period? Explain briefly in one short sentence. (4 marks)