1. Complete the following table indicating whether the variance is favorable or unfavorable. (4 points) Type of Item to Classify Standard Actual Variance Sales volume 92,000 units 97,000 units Sales price $3.60 per unit $3.65 per unit Materials cost $3.19 per pound $3.21 per pound Materials usage 92,000 pounds 91,000 pounds Labor cost $10.32 per hour $10.22 per hour Labor usage 61,600 hours 61, 100 hours Fixed cost spending $422,000 $401,000 Fixed cost per unit (volume) $3.02 per unit $3.16 per unit 2. In your own terms, describe the difference between the volume variance and the flexible budget variance. (2 points) 3. The Sandy Candy Shop was expected to sell 4,000 servings of its trademark candy during August. Each serving was expected to contain 6 ounces of candy. The standard cost of the candy was $0.50 per ounce. The shop actually sold 3,800 servings and actually used 22, 100 ounces of candy. Compute the materials usage variance. (4 points)