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ucker Company makes canvas tote bags. For each bag they make, they expect o use 3 yards of material and they expect to pay $1.75 per yard for the naterial. They expect each bag they make will consume 0.25 hours of direct abor; the direct labor wage is $10 per hour. They budget $75,000 for rent $10,000 for property tax and $200,000 for other overhead. Half of the $200,000 overhead is variable with volume. The master (original) budget and actual results for the year 2017 is as follows: Master Budget Actual Results 50,000 units) 175,000 yds $332,000 @$1.90/yd 15,000 hrs 120,000 @$8/hr (60,000 units) Materials 180,000 yds $315,000 @1.75/yd 15,000 hrs @$10/hr Direct Labor 150,000 Overhead Rent Property tax Other (50% variable) 75,000 10,000 200,000 $750,000 75,000 11.250 220,000 $758,750 Total a. Construct the flexible budget and flexible budget variances for 2017 using the exhibit on the next page. (Show your work, computing the standard cost card and variances)-(13 points) Calculations Flexible Actual Results Flex Budget Budget 50,000 Units)Varlances Materials Direct Labor Overhead Rent Property tax Other O/H (50% Variable) Total b. Calculate the direct materials price variance, indicating whether it is favorable (F) or unfavorable (U).(2 points) c. Calculate the direct materials usage variance, indicating whether it is favorable (F) or unfavorable (U). (2 points) d. Calculate the labor rate variance, indicating whether it is favorable (F) or unfavorable (U). (2 points) e. Calculate the labor efficiency variance, indicating whether its is favorable (F) or unfavorable (U). (2 points) f. Explain the direct cost price variance and what it tells a manager (2 points) Explain the direct cost quantity variance and what it tells a manager (2 points)