Problem 8-23A Computing materials, labor, and cost variances LO 8-5, 8-6 The following data were drawn from the records of Zachary Corporation. Planned volume for year (static budget) Standard direct materials cost per unit Standard direct labor cost per unit Total expected fixed overhead costs Actual volume for the year (Flexible budget) Actual direct materials cost per unit Actual direct labor cost per unit Total actual fixed overhead costs 4,100 units 2.10 pounds @ $1.90 per pound 3.30 hours @ $4.40 per hour $ 20,910 4,300 units 1.60 pounds @ $2.50 per pound 3.60 hours @ $3.80 per hour $17,310 Required 2. Prepare a materiais variance Information table showing the standard price, the actual price, the standard quantity, and the actual quantity b. Calculate the materials price and usage variances. Indicate whether the variances are favorable (f) or unfavorable (U). c. Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours d. Calculate the labor price and usage variances. Indicate whether the variances are favorable () or unfavorable (U). e. Calculate the predetermined overhead rate, assuming that Zachary uses the number of units as the allocation base f. Calculate the fixed cost spending variance Indicate whether the variance is favorable (F) or unfavorable (U). 9. Calculate the fixed cost volume variance Indicate whether the variance is favorable (F) or unfavorable (U). Problem 8-23A Computing materials, labor, and cost variances LO 8-5, 8-6 The following data were drawn from the records of Zachary Corporation Planned volume for year (static budget) Standard direct materials cost per unit Standard direct labor cost per unit Total expected fixed overhead costs Actual volume for the year (Flexible budget) Actual direct materials cost per unit Actual direct labor cost per unit Total actual fixed overhead costs 4,100 units 2.10 pounds 51.90 per pound 3.30 hours $4.40 per hour $20,910 4,300 units 1.60 pounds $2.50 per pound 3.60 hours $3.00 per hour $17,310 Required a. Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity b. Calculate the materials price and usage variances. Indicate whether the variances are favorable (1) or unfavorable (U). c. Prepare a labor variance Information table showing the standard price, the actual price, the standard hours, and the actual hours. d. Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). e. Calculate the predetermined overhead rate, assuming that Zachary uses the number of units as the allocation base. f. Calculate the fixed cost spending variance. Indicate whether the variance is favorable (F) or unfavorable (U). g. Calculate the fixed cost volume variance Indicate whether the variance is favorable (A) or unfavorable (U). Complete this question by entering your answers in the tabs below. Req A Reg B Reqc Reg D Reg E to G Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and t actual quantity, (Round "Standard price" and "Actual price to 2 decimal places.) Materiais Variance Information Table Standard price per pound Actual price per pound Standard quantity for flexible budget pounds Actual quantity used pounds Ren ReqB> Complete this question by entering your answers in the tabs below. Req A Reg B Reg C Reg D Req E to G Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorab (Select "None" if there is no effect (I.e., zero variance).). Material price variance Material usage variance ( Req A Reqc > Complete this question by entering your answers in the tabs below. Req A Req B Reqc Reg D Req E to G Prepare a labor variance information table showing the standard price, the actual price, the standa hours. (Round "Standard price" and "Actual price" to 2 decimal places.). Labor Variance Information Table Standard price Actual price Standard hours for flexible budget Actual hours used per hour per hour Complete this question by entering your answers in the tabs below. Req A ReqB Reqc Req D Req E to G Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavor "None" if there is no effect (i.e., zero variance).................. Labor price variance Labor usage variance Complete this question by entering your answers in the tabs below. Red A Req B Reqc Reg D Reg E to G Calculate the predetermined overhead rate, assuming that Zachary uses the number of units as the allocation base. Calculate the fixed cost spending variance and the fixed cost volume variance. Indicate whether the variance is favorable (F) on unfavorable (U). (Round "Predetermined overhead rate" answer to 2 decimal places. Select "None" if there is no effect (le, zero variance)) Show less per unit e. Predetermined overhead rate Fixed cost spending variance o Fixed cost volume variance