MANAGERIAL ACCOUNTING HANDOUT PROBLEM 9 Score Name Section Problem (10 points) The Toronto plant of Jackman Company's Blackwell Division produces waffle irons. The plant uses a standard cost system for production costing and control The standard cost sheet for a waffle iron is attached During the year, the Toronto plant had the attached actual production activity. REQUIRED: Compute the direct materials price variance based on the quantity purchased and the direct materials quantity variance based on the quantity used. Compute the direct labor rate and efficiency variances. Compute the variable manufacturing overhead spending and efficiency variances (2) (3) (4) Compute the fixed manufacturing overhead spending and volume variances