Flexible Budgeting and Variance Analysis OBJ. 1,2,3 I'm Really Cold Coat Company makes women's and men's coats. Both products require filler and lining material. The following planning information has been made available: I'm Really Cold Coat Company does not expect there to be any beginning or ending inventories of filler and lining material. At the end of the budget year, I'm Really Cold Coat Company experienced the following actual results: The expected beginning inventory and desired ending inventory were realized. 1. Prepare the following variance analyses for both coats and the total, based on the actual results and production levels at the end of the budget year: a. Direct materials price, quantity, and total variance Check figure: Direct materials price variance, $12,220U equired 1: Calculate the DM \& DL price, quantity and total variance Total DM Cost Variance \begin{tabular}{|c|c|c|c|c|c|} \hline check figure formula. & & 4,800 & & 85,100 & \\ \hline \multicolumn{6}{|l|}{ LABOR } \\ \hline Total DL Cost Variance: & \multicolumn{2}{|c|}{ Women's } & \multicolumn{2}{|r|}{ Men's } & Total \\ \hline Actual Cost & $ & 14.00 & $ & 13.00 & \\ \hline Standard Cost & $ & 14.10 & $ & 13.30 & \\ \hline Total DL Cost Variance & $ & 1,825.00 & $ & 2,800.00 & \\ \hline \end{tabular} DL Rate Variance Women's Men's Total Actual Rate Standard Rate = Rate Variance x Actual Time DL Rate Variance DL Time Variance Women's Men's Total Actual Time less: Standard Time* = Time Variance x Standard Rate DM Quantity Variance