Font Paragraph Styles Standard Cost sheet per Shingle Direct Materials (Asphalt) 1.5 Ibs so.07/lbs Direct Labor 0.01 direct labor $10/hour hr Variable Manufacturing 0.01 direct labor $2 /hour Overhead Total standard cost per shingle hr Budgeted fixed manufacturing overhead for the period is $60,000 Budgeted units to be produced 600,000 Units Standard fixed manufacturing overhead based on expected capacity of 6000 direct Labor Hours The following information is available regarding the company's actual operations for the period. Shingles Produced Materials Purchased 530,000 755000 lbs so.os /lbs (Asphalt) Materials Used (Asphalt) 750000 lbs Direct Labor 5100 hours 1.Calculate the direct materials price and quantity variance. Material price variance should be based on material purchased. since you want to isolate the var Material Quantity variance should be based on materials used, since this is monitoring the production efficiency iance ASAP 2.Calculate the direct labor rate and efficiency variances. 3. Calculate Variable Manufacturing Overhead Spending and Efficiency Variances 4.Calculate fixed Manufacturing overhead budget variance. Make sure you do not forget to label each variance U or F