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) 12,700 Variable manufacturing overhead cost at 12,700 direct labor-hours $ 55,880 Fixed manufacturing overhead cost $ 114,300 The standard cost card for the companys only product is given below: Direct materials, 2 pounds at $3.20 per pound $ 6.40 Direct labor, 2 direct labor-hours at $11.00 per direct labor-hour 22.00 Overhead, 122% of direct labor cost 26.80 Standard cost per unit $ 55.20 During the year, the company produced 4,700 units of product and incurred the following costs: Materials purchased, 33,000 pounds at $3.30 per pound $ 108,900 Materials used in production (in pounds) 21,000 Direct labor cost incurred, 13,000 direct labor-hours at $8.3 per direct labor-hour $ 107,900 Variable manufacturing overhead cost incurred $ 35,200 Fixed manufacturing overhead cost incurred $ 34,200 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.) Cost per unit 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. Prepare an analysis of 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.).) Materials variances: Quantity variance $ Price variance $ Labor variances: Efficiency variance $ Rate variance $ 3. Prepare an analysis of 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.).) Variable overhead variances: Efficiency variance $ Rate variance $ Fixed manufacturing overhead variances: Volume variance $ Budget variance $