Exercise 2: Aquatic Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 43,600 yards at a cost of $7.55 per yard. Determine the (a) price variance, (b) quantity variance, and (c) cost variance. Determine whether each variance is favorable or unfavorable. If it is unfavorable, please explain the reasons and propose solutions