ACC 202 Chapter 10 Open-Ended Assignment Note: Please put your answers only in the section below the Bold Red sentence at the end of the Required section below. Cristol Company produces sheets. The master budget shows the following standards information and indicates the company expected to produce and sell 27,000 units for the year. Direct Materials 3 yards per unit at $3.10 per yard Direct Labor 2 hours per unit at $11 per hour Variable Manufacturing Overhead 2 direct labor hours per unit at $3.60 per hour Cristol actually produced and sold 30,000 units for the year. During the year, the company purchased 120,000 yards of material for $349,000, and used 104,000 yards in production. A total of 49,000 labor hours were worked during the year at a cost of $547,000. Variable overhead costs totaled $211,000 for the year. Required: A. Calculate the materials price variance and the materials quantity variance. Clearly label each variance as either favorable or unfavorable immediately to the right of each variance. B. Calculate the labor rate variance and the labor efficiency variance. Clearly label each variance as either favorable or unfavorable immediately to the right of each variance C. Calculate the variable overhead spending variance and the variable overhead efficiency variance. Clearly label each variance as either favorable or unfavorable immediately to the right of each variance. Your answers to this open-ended assignment should be placed in the space below this line