Betty's Bakery has the following standard cost sheet for one unit of its most popular cake:Direct materialsDirect laborSPSQ1.2 pounds0.8 hours$ 12.00 per hour$ 1.50 per poundDuring the month of May, the company made 640 cakes and incurred the following actual costs:Direct materials purchased and used (940 pounds), $1,222Direct labor (700 hours), $8,050Required:1. Calculate the direct materials price variance.2. Calculate the direct materials quantity variance.3. Calculate the direct materials spending variance.4. Calculate the direct labor rate variance.5. Calculate the direct labor efficiency variance.6. Calculate the direct labor spending variance.Note: For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None"for no effect (i.e., zero variance). Round your intermediate calculations to two decimal places.1. Direct materials price variance2. Direct materials quantity variance3. Total direct materials spending variance4. Direct labor rate variance5. Direct labor efficiency variance6. Total direct labor spending varianceF

Part 2:Explanation:Step 1: Calculate the direct materials price varianceFormula: (Standard Price -…

Answered: Betty's Bakery has the following…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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