You have a business manufacturing snarky hats for TicTok wannabes. You produce these hats in batches...

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You have a business manufacturing snarky hats for TicTok wannabes. You produce these hats in batches of 100. Each hat has the following manufacturing standards (i.e., budgets): Direct materials 0.5 yards of material 2.5 Direct Labor Hours $80.00 per yard $25.00 per Direct Labor Hour Direct labor Variable Overhead Fixed Overhead Original (Static) budget $60.00 per DLH $20,000 per month 10 batches per month There is no beginning or ending inventory for WIP and Finished Goods. You have sufficient beginning direct material inventory of material that you do not need to purchase any during the month. During March 2023 you made 11 batches of hats (100 hats in each batch) and spent/used/incurred the following: Yards of material Direct labor Variable overhead Fixed overhead 560 yards 2,625 DLH $45,538 in total $65,340 in total $166,000 in total $23,000 in total REQUIRED: a) Prepare an analysis of actual direct production costs for March compared to Budget-adjusted- for-output (Flex Budget). Identify the usage/efficiency, price/rate, and production volume variances. b) If you close all of the variances to COGS, what will be the net change in COGS? 208 c) Ferd is responsible for buying your direct materials. Did he do a "good" job in March? Why? d) Franny is in charge of the use of the direct materials. Did she do a "good" job in March with regards to material usage? Why? e) Floosy is in charge of the use of direct labor. Did she do a "good" job in March with regards to labor usage/efficiency? Why? f) Futz sets hourly wage rates for the direct labor. Did he do a "good" job in March? Why? g) Noxon is responsible for spending on both variable and fixed overhead. Did he do a good job in March? You have a business manufacturing snarky hats for TicTok wannabes. You produce these hats in batches of 100. Each hat has the following manufacturing standards (i.e., budgets): Direct materials 0.5 yards of material 2.5 Direct Labor Hours $80.00 per yard $25.00 per Direct Labor Hour Direct labor Variable Overhead Fixed Overhead Original (Static) budget $60.00 per DLH $20,000 per month 10 batches per month There is no beginning or ending inventory for WIP and Finished Goods. You have sufficient beginning direct material inventory of material that you do not need to purchase any during the month. During March 2023 you made 11 batches of hats (100 hats in each batch) and spent/used/incurred the following: Yards of material Direct labor Variable overhead Fixed overhead 560 yards 2,625 DLH $45,538 in total $65,340 in total $166,000 in total $23,000 in total REQUIRED: a) Prepare an analysis of actual direct production costs for March compared to Budget-adjusted- for-output (Flex Budget). Identify the usage/efficiency, price/rate, and production volume variances. b) If you close all of the variances to COGS, what will be the net change in COGS? 208 c) Ferd is responsible for buying your direct materials. Did he do a "good" job in March? Why? d) Franny is in charge of the use of the direct materials. Did she do a "good" job in March with regards to material usage? Why? e) Floosy is in charge of the use of direct labor. Did she do a "good" job in March with regards to labor usage/efficiency? Why? f) Futz sets hourly wage rates for the direct labor. Did he do a "good" job in March? Why? g) Noxon is responsible for spending on both variable and fixed overhead. Did he do a good job in March?