can you please let know if this is correct? and plz do help fill in the blank spaces ... thank you

M N 0 P e Preble Company manufactures one product. Its variable manufacturing owerhead is applied to production based on clirect labor- hours and its standard cost card per unit is as follows: Inputs Direct materials Direct labor Variable overhoad Total standard cost per unit (0) (2) Standard Standard Standard Quantity Price Cost or Hours or Rate 10 (2) 5 pounds $800 per pound $40.00 2 hours $14 per hour 28.00 2 hours $5 per hour 10.00 $78.00 4 The planning budget for March was based on producing and selling 25,000 units. However, during March the company actually produced and sold 30,000 units and incurred the following costs: 15 16 17 18 a. Purchased 160,000 pounds of raw materials at a cost of $7.50 per pound. All of this material was used in production. b. Direct laborers worked 55,000 hours at a rate of $15.00 per hour. "Total variable manufacturing overhead for the month was $280,500, 19 20 5. If Preble had purchased 170,000 pounds of materials at $7.50 per pound and used 160,000 pounds in production, what would be the materials price variance for March? 6. If Preble had purchased 170,000 pounds of materials at $7.50 per pound and used 160,000 pounds in production, what would be the materials quantity variance for March? B 9 5) Materials Price Variance AQ (AP SP) Actual Price/pound (a) 10 Standard price/pound (b) Variance (a) - (b)-(c) Actual quantity of raw materials used (d) 13 *Materials Price Variance (c)(d) 11 8 7.5 0.5 170000 85000 Favorable 12 14 ... 20 186) Materials Quantity Variance 19 SP (AQ - SQ) Actual quantity of materials used (a) 23 Standard quantity allowed - see 04 (b) Variance (a) - (b) =(c) Standard price/pound (d) **Materials Quantity Variance (c)(d) 22 160000 150000 10000 8 80000 Unfavorable 23 24 25 26 ** If actual quantity of materials used exceed standard quantity of materials allowed, materials quantity variance would be unfavorable and vice versa. 27 D 7. What direct labor cost would be included in the company's planning budget for March? E 2 3 4 5 Direct labor: Units produced in Planning Budget (a) Direct labor required per unit (b) Total direct labor hours needed (a) (b) + (c) Cost per direct labor hour (d) Total direct labor cost included in Planning Budget (c) x 6 7 25000 28 700000 8 9 10 11 12 13 14 15 16 E A B 8. What direct labor cost would be included in the company's flexible budget for March? 9. What is the labor rate variance for March? 10. What is the labor efficiency variance for March? 11. What is the labor spending variance for March? 5 6 7 8) 8 9 Direct labor cost included in flexible budget Direct labor: Units produced in Flexible Budget (a) Direct labor required per unit (b) Total direct labor hours needed (a) (b) = (c) Cost per direct labor hour (d) Total direct labor cost included in Flexible Budget (c) 10 11 30000 28 840000 12 13