The following data were drawn from the records of Quentin Corporation.Planned volume for year (static budget)Standard direct materials cost per unitStandard direct labor cost per unitTotal expected fixed overhead costsActual volume for the year (flexible budget)Actual direct materials cost per unitActual direct labor cost per unit6,000 units3.1 pounds @ $3.00 per pound2 hours@ $8.00 per hour$56,4006,300 units2.7 pounds @ $4.00 per pound2.3 hours@ $7.20 per hourTotal actual fixed overhead costs$45,000Requireda. Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actualquantity.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 (F) or unfavorable (U).e. Calculate the predetermined overhead rate, assuming that Quentin 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 (F) or unfavorable (U).Complete this question by entering your answers in the tabs below.Req AReq BReq CReq DReq E to GPrepare a materials variance information table showing the standard price, the actual price, the standard quantity, and theactual quantity. (Round "Standard price" and "Actual price" to 2 decimal places.)Materials Variance Information TableStandard priceper poundActual priceper poundStandard quantity for flexible budgetpoundsActual quantity usedpounds< Reg AReq B >

Hi student Since there are multiple subparts, we will answer only first three subparts.

Answered: The following data were drawn from the…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q