2. Materials Variance Analysis (30 points) Midend's Camera Shop has prepared the following flexible budget for September and is in the process of interpreting the variances. F denotes a favorable variance and U denotes an unfavorable variance. Material A Material B Material C Flexible Budget $15,000 37,000 21,000 Variances Price Efficiency $500F $1,800U 1,600U 900U 1,300U 1,900F a. Calculate the actual amount spent for Material A, B and C. b. Generate three potential explanations for the variances identified for each Material