Fence LLC makes and sells wooden fence posts for the agricultural industry. The company expected to produce and sell 12,000 posts during the year. Due to poor industry demand, only 9.000 posts were actually produced and sold during the year. The following information is made available: Production data Standard Actual Selling price per unit (1.0, per post) Direct material cost per unit (1.0. total material cost per post) 20 Direct labor cost per unit 20 10 Fixed costs: Fixed manufacturing overhead 170,000 190,000 $ 70 16 $ 65 (b) Fence's accountant wishes you to prepare the flexible budget variances for direct material. You are provided with the following standard and actual data for wood, the company's only direct material: Pricing and usage data for wood during the year Standard Actual Purchase price for each square foot of wood $2 $5 Quantity of wood needed per fence post (in square feet) Actual units/posts produced during the year 12,000 9,000 Prepare the following flexible budget variances for material, clearly indicating whether each variance is favorable or unfavorable: 1. Material price variance 8 4 II. Material quantity variance III. The total flexible budget variance for material The sheets in excel should look like the following: Input Section Production data Actual S Selling price per unit (e. per post) Direct material cost per unit (ie, total material cost per post) Direct labor cost per unit Fixed costs: Fixed manufacturing overhead Standard S 70 16 20 20 10 170,000 190.000 Pricing and usage data for wood during the year Purchase price for each square foot of wood Quantity of wood needed per fence post in square feet Armennettiin swim the ear Standard $2 B 19 59 4