Problem 10A-11 (Static) Comprehensive Standard Cost Variances [LO10-1, LO10-2, LO10-3, LO10-4] Flandro Company uses a standard cost system and sets its predetermined overhead rate on the basis of direct labor-hours. The following data are taken from the company's planning budget for the current year: Denominator activity (direct labor-hours) Variable manufacturing overhead cost Fixed manufacturing overhead cost 5,000 $ 25,000 $ 59,000 The standard cost card for the company's only product is given below: Inputs Direct materials Direct labor Manufacturing overhead Total standard cost per unit (1) Standard Quantity or Hours (2) Standard Cost Standard Price or Rate (1) x (2) 3 yards 1 hour $ 4.40 per yard $ 12 per hour $ 13.20 1 hour $ 16.80 per hour 12.00 16.80 $ 42.00 During the year, the company produced 6,000 units of product and incurred the following actual results: Materials purchased, 24,000 yards at $4.80 per yard Materials used in production (in yards) Direct labor cost incurred, 5,800 hours at $13 per hour Variable manufacturing overhead cost incurred Fixed manufacturing overhead cost incurred $ 115,200 18,500 $ 75,400 $ 29,580 $ 60,400 Required: 1. Create a new standard cost card that separates the variable manufacturing overhead per unit and the fixed manufacturing overhead per unit. 2. Compute the materials price and quantity variances. Also, compute the labor rate and efficiency variances. 3. Compute the variable overhead rate and efficiency variances. Also, compute the fixed overhead budget and volume variances. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Create a new standard cost card that separates the variable manufacturing overhead per unit and the fixed manufacturing overhead per unit. Note: Round your answers to 2 decimal places. Direct materials 3.00 yards at $ 4.40 per yard $ 13.20 Direct labor 1.00 DLHS $ 16.80 per DLH 16.80 Variable manufacturing overhead 1.00 DLHs $ 2.50 per DLH 2.50 Fixed manufacturing overhead 1.00 DLHS $ 9.83 per DLH 9.83 Standard cost per unit $ 42.33 < Required 1 Required 2 > Required: 1. Create a new standard cost card that separates the variable manufacturing overhead per unit and the fixed manufacturing overhead per unit. 2. Compute the materials price and quantity variances. Also, compute the labor rate and efficiency variances. 3. Compute the variable overhead rate and efficiency variances. Also, compute the fixed overhead budget and volume variances. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the materials price and quantity variances. Also, compute the labor rate and efficiency variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values. Materials variances: Price variance $ 9,600 U Quantity variance $ 0 None Labor variances: Rate variance $ 5,880 U Efficiency variance $ 1,440 F < Required 1 Required 3 > Required: 1. Create a new standard cost card that separates the variable manufacturing overhead per unit and the fixed manufacturing overhead per unit. 2. Compute the materials price and quantity variances. Also, compute the labor rate and efficiency variances. 3. Compute the variable overhead rate and efficiency variances. Also, compute the fixed overhead budget and volume variances. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the variable overhead rate and efficiency variances. Also, compute the fixed overhead budget and volume variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values. Variable overhead variances: Rate variance $ 1,400 U Efficiency variance $ 3,360 F Fixed overhead variances: Budget variance $ 1,400 U Volume variance $ 1,200 U