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The following data were drawn from the records of Quentin Corporation. Planned volume for year (static budget) 6,000 units Standard direct materials cost per unit 3.1 pounds @ $ 3.00 per pound Standard direct labor cost per unit 2 hours @ $ 8.00 per hour Total expected fixed overhead costs $ 56,400 Actual volume for the year (flexible budget) 6,300 units Actual direct materials cost per unit 2.7 pounds @ $ 4.00 per pound Actual direct labor cost per unit 2.3 hours @ $ 7.20 per hour Total actual fixed overhead costs $ 45,000 Required Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity. Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours. Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). Calculate the predetermined overhead rate, assuming that Quentin uses the number of units as the allocation base. Calculate the fixed cost spending variance. Indicate whether the variance is favorable (F) or unfavorable (U). Calculate the fixed cost volume variance. Indicate whether the variance is favorable (F) or unfavorable (U).

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