Please answer questions 1-2.

At the start of the year, the company did some planning and, based on market conditions and other information available, they forecasted sales of 600 units for the upcoming year. The company also has a Just-In-Time (JIT) inventory system under which materials are only ordered and units are only produced in response to customer orders. No inventories are kept and, therefore, the number of units produced always equals the number of units sold. As the year unfolded, demand for the Product X was not as strong as originally anticipated and actual production and sales amounted to 500 units. The following actual costs were incurred in connection with the production of the 500 units during the year: \begin{tabular}{llr} Direct materials & 2,900 lbs. @ average cost of & $1.30 per pound \\ Direct labor & 1,500 hours @ average wage rate of & $11.50 per hour \end{tabular} REQUIRED: For both direct materials AND direct labor, provide a meaningful analysis showing the following: 1. DIRECT MATERIALS a. The amount shown on the master (static) planning budget b. The flexible budget amount c. The actual cost incurred d. The flexible budget variance (or standard cost variance) e. The price variance f. The usage (or quantity) variance g. 2 possible explanations for the price and usage variance. 2. DIRECT LABOR: a. The amount used as shown on the master planning budget b. The flexible budget amount c. The actual cost incurred d. The flexible budget variance (or standard cost variance) e. The rate variance f. The efficiency variance g. 2 possible explanations for the price and usage variance