1 of 1 ACC 321 BBAst5-Problem (chapter 7) Dresser Company uses a standard cost system and sets predetermined over head rates on the basis of direct labor-hours. The following data are taken from the company's flexible budget for the current year: ...9,000 Variable overhead cost at 9,000 direct labor-hoars ..$34,200 Fixed overhead cost . 63,000 A standard cost card showing the standard cost to produce one unit of the company's product is given below: Direct materials, 4 poands at $2.60.... Direct labor, 2 hours at $9 Overhead, 120% of direct labor cost $10.40 21.50 Standard cost per unit During the year, the company produced 4,800 units of product and incurred the following costs: Materials purchased, 30,000 pounds at $2.50...$75,000 Materials used in production (in pounds) Direct labor cost incurred, 10,000 bours at $8.60$86,000 Variable overbead cost incurred Fixed overhead cost incurred 35,900 ....64,800 a) Prepare level variance analysis for the production costs and then comment right below it what this means b) Prepare level #2 variance analysis for the production costs and then comment right below it what this c) Prepare level 13 variance analysis for the production costs-direct material& direct labor costs by means breaking them down into price & eficiency variances d) When a company records the standard costs in the accounting system could you prepare the journal entry for the purchase of material