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 The standard cost card for the company's only product is given below: (1) (2) Standard Quantity or Hours 3 yards Standard Price or Rate. $4.40 per yard 1 hour. $ 12 per hour 1 hour. $ 16.80 per hour Inputs Direct materials Direct labor 5,000 $ 25,000 $ 59,000 Manufacturing overhead Total standard cost per unit Standard Cost (1) (2) $ 13.20 12.00 16.80 $ 42.00 During the year, the company produced 6,000 units of product and incurred the following actual results: Materials purchased, 24,000 yards at $4.80 per yard Materials used in production (in yards) Direct labor cost incurred, 5,800 hours at $13 per hour Variable manufacturing overhead cost incurred Fixed manufacturing overhead cost incurred $ 115,200 18,500 $ 75,400 $ 29,580 $ 60,400 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, 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.