11-62 The Rockport Chair Company (RCC) manufactures two chairs: a rocking chair and a standard chair. The following exhibit provides the standard cost information relating to the two products as well as planned company sales and expected market sales. The following information was provided summarizing the year's results. Required (a) Prepare a worksheet for the static budget, planning variance, flexible budget, flexible budget variance, and actual results. (b) Identify the material price and material quantity variances for both products. (c) Identify the labor rate variance and labor efficiency variances for both products. (d) Compute the sales mix and sales quantity variances for both products. (e) Compute the market size and market share variances. 11-62 The Rockport Chair Company (RCC) manufactures two chairs: a rocking chair and a standard chair. The following exhibit provides the standard cost information relating to the two products as well as planned company sales and expected market sales. The following information was provided summarizing the year's results. Required (a) Prepare a worksheet for the static budget, planning variance, flexible budget, flexible budget variance, and actual results. (b) Identify the material price and material quantity variances for both products. (c) Identify the labor rate variance and labor efficiency variances for both products. (d) Compute the sales mix and sales quantity variances for both products. (e) Compute the market size and market share variances