Direct materials: 4 pounds at $2.00 $ 8.00 Direct labor: .90 hours at $12.00 10.80 Variable production overhead: .30 machine-hours at $16 per hour 4.80 ________________________________________ ________________________________________ ________________________________________ Total variable costs $ 23.60 ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________ Fixed production overhead costs: Monthly budget $ 1,560,000 Fixed overhead is applied at the rate of $30 per tire. Actual production costs: Direct materials purchased and used: 202,000 pounds at $1.70 $ 343,400 Direct labor: 41,500 hours at $12.30 510,450 Variable overhead: 16,000 machine-hours at $16.30 per hour 260,800 Fixed overhead 1,615,000 ________________________________________ Required: (a) Prepare the cost variance analysis for each variable cost for Wagner. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) (b) Prepare the fixed overhead cost variance analysis. (Indicate the effect of the variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) (c) Prepare the journal entries to record the activity for the last period using standard costing. Assume that all variances are closed to Cost of Goods Sold at the end of the operating period. (If no entry is required for an event, select "No journal entry required" in the first account field.)