PLEASE POST THE FORMULAS USED IN SOLVING THE PROBLEM.

1 The standard cost card for a single unit of Robinson, Inc.'s products is shown below 2 Standard Unit Cost Standard Standard 3 Quantity Price/Rate 4 Direct materials: 2.5 yards @ 0.5 hours@ $8.00 per yard $20.00 5 Direct labor $18.00 per hour $10.00 per hour 9,00 6 Variable overhead (based on labor hours): 0.5 hours@ 5.00 8 Budgeted production for the month 9 Actual production for the month 14,000 units 13,500 units 10 11 Actual Costs Incurred to Produce 13,500 units: Total Actual Cost $7.00 per yard 12 Direct Materials Purchased and Used 35,100 yards @ $245,700 13 Direct Labor Paid $17.50 per hour $129,938 7,425 hours @ 14 Variable Overhead Incurred $12.00 per hour $89,100 7,425 hours @ 15 Complete the following table comparing actual costs to the flexible budget and master budget. Use formulas for the spending and volume variances so that variance will appear as a negative number if unfavorable and a positive number if favorable 1 17 Spending Variances Flexible Volume Master 18 Budget Variances Budget Actual Costs 19 Direct materials: 20 Direct labor $245,700 $129,938