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 6,000 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. What is the total budget variance for direct materials? Use a positive number to indicate a favorable variance or a negative number to indicate an unfavorable yariance. As needed, round final calculations (i.e. each variance) to the nearest whole dollar. What is the quantity variance for direct materials? Use a positive number to indicate a favorable variance or a negative number to indicate an unfavorable variance. As needed, round final calculations (i.e. each variance) to the nearest whole dollar. 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 6,000 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. What is the total budget variance for direct materials? Use a positive number to indicate a favorable variance or a negative number to indicate an unfavorable yariance. As needed, round final calculations (i.e. each variance) to the nearest whole dollar. What is the quantity variance for direct materials? Use a positive number to indicate a favorable variance or a negative number to indicate an unfavorable variance. As needed, round final calculations (i.e. each variance) to the nearest whole dollar