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5. Variance Analysis (10pts): Waterfall, Inc. has provided the following standards data concerning one of their products. Assume that OH costs are applied to products based on direct labor (DL) hours. Inputs Standard quantity or Standard price or rate standard hours of input per unit of input per unit of output Direct materials 10.0 Ounces $5.75 Per ounce Direct labor 1.25 DL hours $14.00 Per DL hour Variable overhead 1.25 DL hours $3.20 Per DL hour Fixed overhead 1.25 DL hours $2.80 Per DL hour The standard OH rate for both Variable OH ($3.20 per DL hour) and Fixed OH ($2.80 per DL hour) is based on an expected volume of 9,000 units, which is 60% of the factory's capacity of 15,000 units per month. Per the firm's flexible OH budget, the Budgeted OH costs per month at the 60%, 70%, and 80% capacity level are: Operating levels (% of capacity) 50% 70% 30% Units of production ,000 10,500 12,000 Standard DL hours 11,250 13,125 15,000 Budgeted OH Costs: Variable OH $36,000 $42,000 $48,000 Fixed OH $31,500 $31,500 $31,500 The firm reported the following actual costs for the month of May when it operated at 70% of capacity, producing 10,500 units. Actual output 10,500 Units Direct materials purchased and used 102,380 ounces Actual cost of materials purchased $593,804 Actual direct labor hours used 14,700 DL hours Actual direct labor cost $207,270 Actual variable overhead cost $44,100 Actual fixed overhead cost $32,000 Calculate the DM price variance. Indicate whether this variance is favorable (F) or unfavorable (U). b. Calculate the DM quantity variance. Indicate whether this variance is favorable (F) or unfavorable (U). C. Calculate the DM cost variance. Indicate whether this variance is favorable (F) or unfavorable (U). d. Calculate the DL rate variance. Indicate whether this variance is favorable (F) or unfavorable (U). e. Calculate the DL efficiency variance. Indicate whether this variance is favorable (F) or unfavorable (U). f. Calculate the DL cost variance. Indicate whether this variance is favorable (F) or unfavorable (U). g. Calculate the Variable OH Cost Variance. Indicate whether this variance is favorable (F) or unfavorable (U). h . Calculate the Fixed OH Volume Variance. Indicate whether this variance is favorable (F) or unfavorable (U). i. Calculate the Fixed OH Cost Variance. Indicate whether this variance is favorable (F) or unfavorable (U). j. Calculate the Total OH Cost Variance. Indicate whether this variance is favorable (F) or unfavorable (U)