Cornerstone Manufacturing has the following standard cost sheet for one of its products Direct materials (6...

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Cornerstone Manufacturing has the following standard cost sheet for one of its products Direct materials (6 m @ $6) Direct labour (1.2 hours @ $10) Variable overhead (1 hour @$5) Fixed overhead (1.5 hours @ $2*) Standard unit cost $36 12 5 3 $56 During the most recent year, the following actual results were recorded: Production 13,000 units Fixed overhead $365,000 Variable overhead $65,000 Direct materials (62,500 m purchased) $382,500 Direct labour (17,900 hours) MPV $182,580 Based on the above information, calculate: a) Direct materials price and usage variance. State if variances are favourable (F) or unfavourable (U) variance. Please provide the formula as well. b) Direct labour price and efficiency variance. State if variances are favourable (F) or unfavourable (U) variance. Please provide the formula as well. c) Total direct labour variance. State if it is a favourable (F) or unfavourable (U) variance. Please provide the formula as well. Cornerstone Manufacturing has the following standard cost sheet for one of its products Direct materials (6 m @ $6) Direct labour (1.2 hours @ $10) Variable overhead (1 hour @$5) Fixed overhead (1.5 hours @ $2*) Standard unit cost $36 12 5 3 $56 During the most recent year, the following actual results were recorded: Production 13,000 units Fixed overhead $365,000 Variable overhead $65,000 Direct materials (62,500 m purchased) $382,500 Direct labour (17,900 hours) MPV $182,580 Based on the above information, calculate: a) Direct materials price and usage variance. State if variances are favourable (F) or unfavourable (U) variance. Please provide the formula as well. b) Direct labour price and efficiency variance. State if variances are favourable (F) or unfavourable (U) variance. Please provide the formula as well. c) Total direct labour variance. State if it is a favourable (F) or unfavourable (U) variance. Please provide the formula as well.