6.value: 6.00 points Dresser 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 companys budget for the current year: Denominator activity (direct labor-hours) 12,600 Variable manufacturing overhead cost at 12,600 direct labor-hours $ 47,880 Fixed manufacturing overhead cost $ 126,000 The standard cost card for the companys only product is given below: Direct materials, 3 pounds at $3.20 per pound $ 9.60 Direct labor, 2 direct labor-hours at $11.00 per direct labor-hour 22.00 Overhead, 125.45% of direct labor cost 27.60 Standard cost per unit $ 59.20 During the year, the company produced 5,400 units of product and incurred the following costs: Materials purchased, 34,000 pounds at $2.90 per pound $ 98,600 Materials used in production (in pounds) 21,000 Direct labor cost incurred, 12,000 direct labor-hours at $8.2 per direct labor-hour $ 98,400 Variable manufacturing overhead cost incurred $ 35,900 Fixed manufacturing overhead cost incurred $ 33,000 Required: 1. Redo the standard cost card in a clearer, more usable format by detailing the variable and fixed overhead cost elements. (Round your intermediate calculations and final answers to 2 decimal places. Omit the "$" sign in your response.) Direct materials, pounds at $ per pound $ Direct labor, DLHs at $ per DLH Variable manufacturing overhead, DLHs at $ per DLH Fixed manufacturing overhead, DLHs $ per DLH Standard cost per unit $ 2. Compute the variances for materials and labor for the year. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.) Omit the "$" sign in your response.) Materials variances: Quantity variance $ Price variance $ Labor variances: Efficiency variance $ Rate variance $ 3. Compute the variances for variable and fixed overhead for the year. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.) Omit the "$" sign in your response.) Variable overhead variances: Efficiency variance $ Rate variance $ Fixed manufacturing overhead variances: Volume variance $ Budget variance $