Flandro 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 11,000 $ 34,650 $ 77,550 Inputs The standard cost card for the company's only product is given below: (1) Standard (2) Standard Price or Rate Quantity or Hours Direct materials 4 yards $ 1.95 per yard Standard Cost (1) x (2) $ 7.80 Direct labor 2 hours $ 8.50 per hour Manufacturing overhead 2 hours $ 10.20 per hour Total standard cost per 17.00 20.40 $ 45.20 unit During the year, the company produced 5,720 units of product and incurred the following actual results: Materials purchased, 36,380 yards at $1.90 per yard $ 68,970 Materials used in production (in yards) 23,600 Direct labor cost incurred, 12,000 hours at $8.05 per hour $ 96,600 Variable manufacturing overhead cost incurred Fixed manufacturing overhead cost incurred $ 35,900 $ 75,000 Required: 1. Create a new standard cost card that separates the variable manufacturing overhead per unit and the fixed manufacturing overhead per unit. 2. Compute the materials price and quantity variances. Also, comoute the labor rate and efficiency variances. 3. Compute the variable overhead rate and efficiency variances. Also, compute the fixed overhead budget and volume variances. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the variable overhead rate and efficiency variances. Also, compute the fixed overhead budget and volume variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values.) Variable overhead variances: Rate variance Efficiency variance U Fixed overhead variances: Budget variance F Volume variance F