Copy the values from your exam into the boxes below. Then create a Master Budget, Flex Budget, and Actual Budget using the standards and actual costs. Standard Costs Price $48.00 per unit Amount Cost per Amount Input Materials Fabric Packaging Labor Var MOH 0.80 yards per unit 1.00 box per unit 0.75 hours per unit 0.75 hours per unit $2.50 per yard $1.50 per box $15.00 rate per hour $4.80 rate per hour Fixed MOH $500,000 per month Actual Costs Materials Fabric Packaging Amount of Materials 41,040 total yards 43,200 total boxes Cost of Materials $94,392 cost for total yards $58,320 cost for total boxes Labor 38,880 total labor hours $554,040 total labor costs Var. MOH 38,880 total labor hours $204,120 total var. MOH Fixed MOH $580,000 total fixed MOH Master Budget 47,800 Flex Budget 43,200 Actual 43,200 Units Sold Calculate the following variances: (1) Direct Materials - Spending (2) Direct Materials - Price, (3) Direct Materials - Usage, (4) Direct Labor - Spending (5) Direct Labor - Rate, (6) Direct Labor - Efficiency. Indicate whether each variance is favorable (F) or unfavorable (U). Show all work using cell referencing and formulas