i want to use this as note can you answer this please

NEW JERSEY CORPORATION

New Jersey Corporation produces chairs. The company's master budget shows the following standards information.

1. Explain how a flexible budget differs from a master budget.2. Assume you are the production manager for a manufacturing company that anticipated selling 700,000 units of product for the master budget and actually sold 800,000 units. Why would you prefer to be evaluated using a flexible budget for direct labor rather than the master budget?3. What is a standard cost, and how does it differ from a budgeted cost?4. How are standards established for direct materials, direct labor, and variable manufacturing overhead?5. Explain how a favorable materials price variance can cause unfavorable materials usage and direct labor efficiency variances.

NOW ASSUME the following:

Expected production for the period	5,000 units
Direct materials standards per unit	8 yards per unit at $5 per yard
Direct labor standards per unit	3 hours per unit at $16 per hour

Required:

6. Calculate the standard cost per unit for direct materials and direct labor using the format shown in Table 10.1.

7. Assume the company produced 5,100 chairs during the period. Prepare a flexible budget for direct materials and direct labor, using the format shown in Table 10.2.

NOW ASSUME that during the period the Company purchased AND used 45,000 yards of materialfor the 5,100 units, at a cost of $238,500.

A total of 14,700 direct labor hours were actually worked during the period, at a cost of $238,140, to produce 5,100 chairs.

8. Calculate the materials price variance and materials usage variance using the format shown in Figure 10.2. Clearly label each variance as favorable or unfavorable.

9. Offer a possible explanation for the direct materials variances you computed.

10. Calculate the labor rate variance and labor efficiency variance using the format shown in Figure 10.3. Clearly label each variance as favorable or unfavorable.

11. Offer a possible explanation for the direct labor variances you computed.

NEW YORK CORPORATION

The standard cost card for the company's product is as follows:

Direct materials	$ 50
Direct labor	30

The company produced and sold 100,000 units for the year and encountered the following production variances:

Direct materials price variance	$	300,000	Favorable
Direct materials quantity variance		240,000	Unfavorable
Direct labor rate variance		160,000	Favorable
Direct labor efficiency variance		180,000	Favorable

Required:

Company policy is to investigate all unfavorable variances above 5 percent of the flexible budget amount for direct materials, direct labor, and variable overhead.

1. Identify the variances that should be investigated according to company policy. Show calculations to support your answer.

2. What recommendations would you make for the company's current policy