Flandro Company uses a standard cost system and the standard cost card for the company's only product is as follows: Direct Materials, 3 metres at $4.80/m. $14.40 Direct Labour, 2 hours at $14.00/hr. $28.00 During the year, the company produced 6000 units of product and incurred the following costs: Materials purchased, 24,000 metres at $5.10/m. Materials used in production (metres) Direct labour cost incurred, 11,600 hours at $15.00/hr. $122,400 18,500 $174,000 a) Prepare the variances for direct materials for the year. (4 marks) b) Prepare the variances for direct labour for the year. (4 marks) c) Prepare a possible explanation for the variances. (4 marks)