CHAPTER7 Answer the following questions using the information below 2. Maria's vineyard 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 Flexible Budget 20,000 30,000 0,000 Variances Material A Material B Material C Price Efficiency 1.200F 800U 1,000F S00F 400U a) The actual amount spent for Material A was b) The explanation that lower-quality materials were purchased is most likely for which material? Why? ) Make the appropriate standard costing journal entry(s) for Material C