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. Denominator activity (direct labor hours) Variable manufacturing overhead cost Fixed manufacturing overhead cost 16,000 $ 55,200 3146,400 The standard cost card for the company's only product is given below: Inputs Direct materials Direct labor Manufacturing overhead Total standard cost per unit (1) Standard Quantity or Hours 4 yards 2 hours 2 hours (2) Standard Price Or Rate $ 2.25 per yard $ 9.00 per hour $ 12.60 per hour Standard Cost (1) (2) $9.00 18.00 25.20 $ 52.20 During the year, the company produced 8.320 units of product and incurred the following actual results Materials purchased, $2,500 yards at $2.15 per yard Materials used in production (in yards) Direct labor cost incurred, 17,00 hours at 8.25 per hour Variable manufacturing overhead cost incurred Fixed manufacturing overhead cost incurred 5113,520 34,00 5 140,250 $ 55,100 $ 111, 350 Required: 1. Create a new standard cost card that separates the variable manufacturing overhead per unit and the fixed manufacturing overhead 2. Compute the materiais price and quantity variances. Also compute the labor rate and efficiency variances 3. Compute the vanable overhead rate and efficiency variances. Also, compute the fixed overhead budget and volume vartances per unit Required 1 Required 2 Required 3 Create a new standard cost card that separates the variable manufacturing overhead per unit and the fixed manufacturing overhead per unit. (Round your answers to 2 decimal places.) yards at DLHS per yard per DLH Direct materials Direct labor Variable manufacturing overhead Fored manutacturing overhead Standard cost per unit DLHS per DLH DLHS per OLH Required 2 > Required 1 Required 2 Required Compute the materials price and quantity variances. Also, compute the labor rate and efficiency variances. (Indicate the effect of each variance by selecting for favorable. "U" for unfavorable, and "None" for no effect (ezero variance.). Input all amounts as positive values.) Materials variances Price variance Quantity variance Labor variances Rate variance Ency variance Required 1 Required 2 Required 3 Compute the variable overhead rate and efficiency variances. Also, compute the fixed overhead budget and volur variances. (Indicate the effect of each variance by selecting for favorable. "U" for unfavorable, and "None for no effect (ezero variance.). Input all amounts as positive values.) Variable overhead Varances Rate variance Efficiency variance Fixed overhead Variances Budget variance Volume variance