Exercise 15-15 (Algo) Direct material variances-solving for unknowns LO 15-4, 15-5 Oakton incorporated manufactures end tables, armchairs, and other wood fumiture products from high-quality materials. The company uses a standard costing system and isolates variances as soon as possible. The purchasing manager is responsible for controlling direct material price variances, and production managers are responsible for controlling usage variances. During May, the following results were reported for the production of American Oak armchairs: Required: a. Calculote the actual peice paid per board foot purchased Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. Calculate the standard quantity of reaterials bllowed (in board feen for the number of units produced c. Calculate the direct materials usoge variance. Note: Indicate the effect of each vatiance by selecting "F" for favorable. " U " for unfavorable, and "None" for no effect (l.e., zero vationcel. d. The purchosing monaget may have purchased nigher-than-standard quality raw material inputs is the most likely explanation for the price and usage vaniances