Based on the above information: 1. Compute the flexible budget standards for material and labor. 2. Compute the total variances for material and labor. 3. For materials compute the material price variance and the material quantity variance. 4. For labor, compute the labor rate variance and the labor hours variance. 5. For manufacturing overhead, compute: a. The spending variance b. The efficiency variance c. The volume variance Based on the above information: 1. Compute the flexible budget standards for material and labor. 2. Compute the total variances for material and labor. 3. For materials compute the material price variance and the material quantity variance. 4. For labor, compute the labor rate variance and the labor hours variance. 5. For manufacturing overhead, compute: a. The spending variance b. The efficiency variance c. The volume variance