Zachary Manufacturing Company produces a component part of a top secret military communication device. Standard production and cost data for the part, Product X, follow: Planned production 22,600 units Per unit direct materials 2.10 pounds @ $1.86 per pound Per unit direct labor 2.?0 hours |@ $3.63 per hour Total estimated 'Fixed overhead costs $563,360 Zachary purchased and used 49,680 pounds of material at an average cost of $1.84 per pound. Labor usage amourlted to 58,360 hours at an average of $8.75 per hour. Actual production amounted to 22,900 units. Actual fixed overhead costs amounted to $531,800. The company completed and sold all inventory for $1,950,000. Required 15. Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity. b. Calculate the materials price and usage variances. Indicate whether the variances are favorable {F} or unfavorable {U}. 1:. Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours. d. Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable {U}. 2. Calculate the predetermined overhead rate, assuming that Zachary uses the number of units as the allocation base. f. Calculate the fixed cost spending and volume variances and indicate whether they are favorable {F} or unfavorable [U]. 9. Determine the amount of gross margin Zachary would report on the yea rend income statement