3. MULTIPLE ITEM VARIANCE ANALYSIS. Built Rite produces suitcases. The f are the results of last month's production. Built Rite Products-Suitcase Results Actual results Standard cost estimates Amount Standard allowed cos mount usedActual Standard rate 150 per pound 5050 per hinge 3.00 per yard2 Actual rate SL40 per pound42pounds 50.60 per hinge 275 per yard SL.75 per yard $225 per yard 2.25 per set 4 pounds $6.00 $1.00 2 eadh Hinges Cloth lining Elastic Straps Wheels yards$%6.00 24 yards 50pe ard 1yard 1 yard 2 yards 2 sets 2 eac $450 per mechanismleach 1.75 4.50 4.50 2.00 per yard2yards$4.00 $250 per set 2 sets $5.00 5050 pe hande 2eac $1.00$0.50 per handle 1each $%5.00 $29.50 olling handle mechanism $5.00 per mechanism Total matenals at standard Actual materials $301 Conversion and other activities Standard Standard amountcost Standard rate Actual rate Amount used Actual a 30.00 per hour 2minutes $1.00 15.00 per hour 5minutes $1.25 $48.00per hour 10minutes $8.00 2 kits $10.00 18.00 per hour 3minutes $0.90 5.00 per hour2 minutes$0.50 $21.65 $51.15 Mold plastic 27.00 per hour 3minutes Assemble suitcase 18.00 per hour4minutes $1.20 $45.00 per hour 12 minutes Kit materials $5.00 per kit $5,50 per kit 2 kits $11.00 15.00 per hour 4 minutes Padaging $0.80 $16.00 per hour 3minutes Actual materials otal actual cost Standard conversion and activities otal standard cos REQUIRED: a. Using the table-based approach pictured in Table 7.7, decompose the variances for the month into price and usage variances. Do this for the table. every cost element in b. How does performance for the month look? Explain your reasoning