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Problem 1 Variance Analysis (20 points) The Flex Company's costing system has two direct-cost categories: direct materials and direct manufacturing labor. Manufacturing overhead (both variable and fixed) is allocated to products on the basis of standard direct manufacturing labor hours (DLH). At the beginning of 2021, the Flex Company budgeted production of 10,000 units for the period and adopted the following standards for its manufacturing costs: Input Cost per Output Unit Direct materials 5 lbs at $20 per 1b. S 100 Direct manufacturing labor 3 hrs at $15 per hr 45 Manufacturing overhead: Variable $6 per DLH 18 Fixed $12 per DLH 36 Standard manufacturing cost per output unit $199 Input price variances are isolated upon purchase. Input efficiency variances are isolated at the time of usage. The records for the period indicate the following: Direct materials purchased 60,000 lbs. at $20.25 per 10 Direct materials used 50,000 lbs. Direct manufacturing labor 30,000 hrs. at a total of $457,500 Actual variable manufacturing overhead $188,000 Actual fixed manufacturing overhead $374,000 Actual production 10,200 output units Required: a) For the period, compute the following variances, indicating whether cach is favorable (F) or unfavorable (U): (10 points) i. Direct materials price variance ii. Direet materials efficiency variance iii. Direct manufacturing labor price variance iv. Variable manufacturing overhead efficiency variance Production-volume variance b) Prepare journal entries for the direct materials price and efficiency variances (5 points) c) Provide a possible explanation for each variance calculated in part a) (i.c., a total of s explanations). For example, if actual price was greater than budgeted price, then state a reason why this might be the case (5 points) v