Once you have completed the assignment below, you must submit your answers using the answer sheet provided in Canvas; not all answers will be turned in and not all answers will be graded. Once submitted, your answers cannot be changed, but where appropriate, partial credit will be given. For future reference, you should keep a copy of your answers (outside of Canvas) as they will not be available to view given the nature of the grading process. Too Cool Corporation produces portable air conditioning systems and had the following data available: Required: A. Prepare (i.e. complete) the performance report above; speculate and describe a possible cause for each variance (except for direct materials and direct labor) and then suggest a specific follow-up action for each. B. In order to get a better control over the amounts spent on direct materials and direct labor, the company had previously implemented the following standards and achieved the corresponding results when 6,200 units were produced: Calculate the price and quantity variance for direct materials and direct labor, as needed, round final calculations (i.e. each variance) to the nearest whole dollar. C. Given your results to part B above, speculate and describe a possible cause for each price and quantity variance and suggest a specific follow-up action for each. Once you have completed the assignment below, you must submit your answers using the answer sheet provided in Canvas; not all answers will be turned in and not all answers will be graded. Once submitted, your answers cannot be changed, but where appropriate, partial credit will be given. For future reference, you should keep a copy of your answers (outside of Canvas) as they will not be available to view given the nature of the grading process. Too Cool Corporation produces portable air conditioning systems and had the following data available: Required: A. Prepare (i.e. complete) the performance report above; speculate and describe a possible cause for each variance (except for direct materials and direct labor) and then suggest a specific follow-up action for each. B. In order to get a better control over the amounts spent on direct materials and direct labor, the company had previously implemented the following standards and achieved the corresponding results when 6,200 units were produced: Calculate the price and quantity variance for direct materials and direct labor, as needed, round final calculations (i.e. each variance) to the nearest whole dollar. C. Given your results to part B above, speculate and describe a possible cause for each price and quantity variance and suggest a specific follow-up action for each