M N In this activity, you will calculate variance for Bullseye company. Complete all highlighted cells, then input your answers into the learn system. w 5 Hint: Remember that SQ and SH must always be calculated based on actual production levels. a 7 Bullseye company manufactures dartboards. Its standard cost information follows: Standard Price Standard Qty (Rate) 9 Direct materials (cork board) 2.5 sqft $2.00 per sqft 10 Direct labor 1 hr $14.00 per hr 11 Variable manufacturing overhead 1 hr $0.50 per hr 12 Fixed manufacturing overhead 13 ($40,000/160,000 units) 14 Standard Unit Cost $5.00 14.00 0.50 0.25 16 Bullseye has the following actual results for the month of September Assignment Enter Type here to search 02/ 4 A B C D E F 16 Bullseye has the following actual results for the month of September: 17 18 Number of units produced and sold 140,000 19 Number of square feet of corkboard purchased and used 360,000 20 Cost of corkboard used 756,000 21 Number of labor hours worked 148,000 22 Direct labor cost 1,938,800 23 Variable overhead cost 72,000 24 Fixed overhead cost 50,000 27 la) Calculate the Standard Quantity (SQ) 28 lb) Calculate the Actual Price per sqft for Materials 29 1c) calculate the Standard Hours (SH) 30 1d) Calculate the Actual Labor Rate 31 le) Calculate the Actual Variable OH Rate SO = AP= SH = Labor AR = OH AR = F/U Assignment Enter A B C D E 2) Calculate the Materials Price Variance (make sure to classify as favorable/unfavorable) Variance = F/U Variance = 3) Calculate the Materials Quantity Variance (make sure to classify as favorable/unfavorable) F/U Variance = 4) Calculate the Direct Labor Rate Variance (make sure to classify as favorable/unfavorable) Variance = 5) Calculate the Direct Labor Efficiency Variance (make sure to classify as favorable/unfavorable) 1 cm F/U Variance = 6) Calculate the Variable Overhead Rate Variance Assignment