Part 8 Standard Cost System [Adapted from E10-1) (25 points) Buttons Company makes Cat Leashes. During the last quarter the companeg manactued 3 Cat Leases, using 25,000 pounds of materials. The materials actualy cost the companyS 17.50 According to company cost standards, each Cat Leash should require 08 pouunds of matere cost of $5.00 per pound. Required 1. Complete the schedule shown below to determine the amount of the Materials Pr The Materials Quantity Variance. 2. Label the columns appropriately for the variances in the heading of the report. 3. Indicate whether each variance is Favorable (F) or Unfavorable (U). 4. Calculate the Standard Cost of materials for each Cat Leash. Show some work to receive full credit. Buttons Company Materials Price and Quantity Variances Mater Actual Quantity Materials Part 8 Standard Cost System [Adapted from E10-1) (25 points) Buttons Company makes Cat Leashes. During the last quarter the companeg manactued 3 Cat Leases, using 25,000 pounds of materials. The materials actualy cost the companyS 17.50 According to company cost standards, each Cat Leash should require 08 pouunds of matere cost of $5.00 per pound. Required 1. Complete the schedule shown below to determine the amount of the Materials Pr The Materials Quantity Variance. 2. Label the columns appropriately for the variances in the heading of the report. 3. Indicate whether each variance is Favorable (F) or Unfavorable (U). 4. Calculate the Standard Cost of materials for each Cat Leash. Show some work to receive full credit. Buttons Company Materials Price and Quantity Variances Mater Actual Quantity Materials