J Stardust manufactures plastic chairs. Information related to the sale and production during the month of March is as follows: Units sold Revenue Variable costs: Direct material Direct labor Variable manuf. overhead Total Contribution margin Fixed costs Operating income . Actual O 0 5,600 $920,000 325,000 145,000 80,000 550,000 370,000 125,000 $245,000 Flexible Static Budget Budget 5,600 $840,000 ??????? 112,000 84,000 532,000 308,000 120,000 $188,000 5,000 $750,000 300,000 100,000 75,000 475,000 275,000 120,000 $155,000 Additional direct material Information: Direct materials are budgeted at 15.0 lbs. per chair and $4.00 per lb. Actual direct materials used totaled 100,000 lbs. Additional direct labor information: o Direct labor is budgeted at 1 hour per chair and a $20 hourly rate o Actual labor hours incurred totaled 12,500 hours a. Determine the flexible budget's direct materials costs. b. Determine the flexible budget variance. c. Determine the direct material price and efficiency variances. d. Determine the labor rate and efficiency variances. e. If fixed overhead allocated is $118,000, determine the production volume variance.