Standard Standard Price Standard Quantity 4.00 sq. ft. $ 2.60 per sq. ft. 1 hrs. (Rate) Unit Cost Direct materials (cork board) $10.40 Direct labor $10.00 per hr. 10.00 Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($52,500 150,000 units) 1 hrs. $ 0.65 per hr. 0.65 0.35 Bullseye has the following actual results for the month of September: Number of units produced and sold Number of square feet of corkboard used 130,000 530,000 $1,325,000 140,000 $1,274,000 93,000 67,000 Cost of corkboard used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Required: 1. Calculate the direct materials price, quantity, and total spending variances for Bullseye. 2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Bullseye. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the direct labor rate, efficiency, and total spending variances for Bullseye. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Direct Labor Rate Variance Direct Labor Efficiency Variance Direct Labor Spending Variance

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Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.