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4ftn3 Assignrnent Print Msr Exercise ))-1-16 Direet materiats and direct labor variances L”A” PZ The folilowing inforrnation describes production actir,ities of Truzar l,lanuhcturing forthe year BudgeteJ standards for each unit produced are 1.00 pounds of nrw material at $5.80 per pourd and 10.0 minutes of direct labor at $15.50 per hour. (1)Compute the dircct matefials price and quantity \ariances.{lnput all amount aea positive value. lndicate the effect of each varianc€ by selecting “F” for favorable, “U” for unfavorable, and ‘Non’e” for no effect {i.e., zero variance}, Leave no crl{ls blank -be certain to enler “0” wherrever required. Omit the ‘$” dgn in your response) Actuarl raw matedals used Actual factory payroll Actual units prroduced Price \adance Quantity rariance Rate rarianee Effciency \ariance 38,000 lbs. at $5.70 per lb. 6,000 hours for a total of $96,[,110 30,000 $ ffi.H $ (2lc.e,rnpute the dir€ct labor €te and &ciercy wiances. (lnp,ut all amount as a positive value. lndicale the effiect of each variance by selecting “F” for favorable, “U” for unfavorable, and “None” fur no efiect {i,e., zero variance}, Leave no cells blank -be certain to enter “0” wherever required. Omit the “$’ dgn in your raryonse) Workshieet €xercise 2t -f 6 !)irecf m*fen’aJs and direct ia$ sr yariances L.A f ,? Learning Objective: 21-P? Com pute m aterials and labor \tariances. 2. Exercise 21-3 Preparation af a flexible budget pertormance report L.O. P1 Omanon Company’s fixed budget performance rcport for July fullcrrs. The $630,Ct00 budgeted expenses include $592,2ff1 rariable expenses and $37,800 fxed expensas. l\ctual expenses include $49,800 fixed expenses. Fixed Budget Actual Results Vimances Sales (in units) 8,400 10,900 Sales (in dollars) Totat exp,enses lncome f,om operations $21 0,000 $ 324,000 $11 4,000 F Preparc a flexible budget perbrmance rcport sholving any \ariances between budgeted rcsults and actual result$. List fxed and variade expenses separately. $np$t all…