Fandro Company uses a standard cost system and sets its predetermined overhead rate on the basis of direct labor- hours. The following data are taken from the company's planning budget for the current year 14.000 Denominator activity (direct labor-hours) Variable manufacturing overhead coat Tixed manufacturing overhead cost $ 42,000 10.200 The standard cost card for the company's only product is given below: (2) Standard Cost (1) x (2) Inputs Direct materials (1) Standard Standard Quantity Price Or Hours Or Rate 4 yarda 1.80 per yard 2 hours $8.20 $ 7.20 Direct labor 16.40 Manufacturing 2 hours $12.30 hour hours $12.3 per 24.60 overhead Total standard cost per unit $48.20 During the year, the company produced 7,280 units of product and incurred the following actual results: Materiale purchased, 46,200 yards at $1.75 0 per yard Materials used in production (in yards) 30,050 Direct labor coat incurred, 15,000 hours 119.500 at $7.90 per hour Variable manufacturing overhead cost $ 42,550 Ancurred Tixed manufacturing overhead coat incurred $ 91,500 Required: 1. Create a new standard cost card that separates the variable manufacturing overhead per unit and the feed manufacturing overhead per unit 2. Compute the materials price and quantity variances. Also, compute the labor rate and efficiency variances 3. Compute the variable overhead rate and efficiency variances. Also, compute the fixed overhead budget and volume variances