Exercise $11-2$ Computing All Variances $($LO$3-$ CC$15,17,18$; LO$4-$ CC$22,23)($Algo$)$Gail Cleaners produces a commercial cleaning compound known as Carpex. The direct materials and direct labour standards for one unit of Carpex follow:StandardCost$ $7\mathrm{.}923\mathrm{.}510\mathrm{.}59$Direct materialsDirect labourVariable overheadStandard Quantity or Hours$4\mathrm{.}40$ kilograms$0\mathrm{.}39$ hour$0\mathrm{.}39$ hourStandard Price or Rate$$1\mathrm{.}80$ per kilogram$$9\mathrm{.}00$ per hour $$1\mathrm{.}50$ per hourThe budgeted fixed overhead cost is $$14,614$ per month. The denominator activity level of the allocation base is $1,248$ direct labour$-$hoursDuring the most recent month, the following activity was recorded:$*10,300$ kilograms of material were purchased at a cost of $$2\mathrm{.}20$ per kilogram.$*$ All of the material purchased was used to produce $3,200$ units of Zoom.$*$ A total of $790$ hours of direct labour time was recorded at a total labour cost of $8,769.*$ The variable overhead cost was $$1,580,$ and the fixed overhead cost was $$24,798.$Required:$1.$ Compute the direct materials price and quantity variances for the month. $($Indicate the effect of each variance by selecting $"$F$"$ for favorable, $"$U$"$ for unfavorable, and "None" for no effect $($i$.$e$.,$ zero variance$).)$Materials price varianceMaterials quantity variance$2.$ Compute the direct labour rate and efficiency variances for the month. $($Indicate the effect of each variance by selecting $"$F$"$ for favorable, $"$U$"$ for unfavorable, and "None" for no effect $($i$.$e$.,$ zero variance$).)$Labour rate varianceLabour efficiency variance$3.$ Compute the variable overhead spending and efficiency variances for the month. $($Indicate the effect of each variance by selecting"F$"$ for favorable, $"$U$"$ for unfavorable, and "None" for no effect $($I$.$e$.,$ zero variance$).$ Round "Efficiency variance" to $2$ decimal places.$)$Variable overhead spending varianceVariable overhead efficiency variance$4.$ Compute the fixed overhead budget and the volume variances for the month. $($Round intermediate calculations to the nearest whole dollar amount. Indicate the effect of each variance by selecting $"$F$"$ for favorable, $"$U$"$ for unfavorable, and "None" for no effect $($i$.$e$.,$ zero variance$).)$Fixed overhead budget varianceFixed overhead volume variance$5.$ Compute the underapplied or overapplied overhead for the month. $($Round intermediate calculations and round final answer to $2$ decimal places. Indicate the effect of each variance by selecting $"$F$"$ for favorable, $"$U$"$ for unfavorable, and "None" for no effect $($i$.$e$.,$ zero variance$).)$Total variable overhead varianceTotal fixed overhead variancehe totaloverhead is