2. Prepare an analysis of the variances for direct materials and direct labor for the year. (Indicate the effect of each variance by selecting F for favorable, U for unfavorable, and None for no effect (i.e., zero variance.).) Materials variances: Price variance Quantity variance Labor variances: Rate variance Efficiency variance 3. Prepare an analysis of the variances for variable and fixed overhead for the year. (Indicate the effect of each variance by selecting F for favorable, U for unfavorable, and None for no effect (i.e., zero variance.).) Variable overhead variances: Rate variance Efficiency variance Fixed overhead variances: Budget variance Volume varianceProblem 10A-11 Comprehensive Standard Cost Variances (LO 10-1, LO 10-2, LO 10-3, LO 10-41 Flandro Company uses a standard cost system and sets predetermined overhead rates on the basis of direct labor-hours. The following data are taken from the company?s budget for the current year:The standard cost card for the company?s only product is given below:During the year. the company produced 9,880 units of product and incurred the following costs:Required: 1. Redo the standard cost card in a clearer, more usable format by detailing overhead cost elements. (Round your answers to 2 decimal places.)