Having joined the company as a fresh graduate, the CFO call you to her office an gave you a report that shows the direct cost categories and budgeted amounts for the widgets that your company manufactures: Standard Costs Input per One output unit Cost per input Direct Materials 1.00 KG $7.50/KG Direct Labor 0.30 HR $9.00/HR Direct Marketing 0.50 HR $3.00/HR Actual performance for the company is shown below based on 4,000 Actual Unit produced: Direct Materials: Direct Manufacturing labor: Direct Marketing labor: Materials costs Labor costs $11,470 Labor costs $5,880 $30,225 Labor-hours of input Labor-hours of input Input purchased and used 3,900 1,240 2,100 Actual price per input $7.75 Actual price per hour $9.25 Actual price per hour $2.80 Required: Prepare a report to address the following requirements below and explain the potential causes of variances if they exist 1. What is the combined total of the flexible-budget variances? 2. What is the rate variance of the direct materials? 3. What is the rate variance of the direct manufacturing labor and the direct marketing labor, respectively? 4. What is the efficiency variance for direct materials? 5. What are the efficiency variances for direct manufacturing labor and direct marketing labor, respectively