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The standard cost card for a chair shows the following: Overhead costs are determined by the following: $800,000+$10 Direct labour-hours The company prepared its static budget based on a volume of 50,000 chairs. The relevant range of output volume is 35,000 to 60,000 chairs. Actual results for 2015 were as follows: Required a. Calculate the direct materials price and quantity variances, assuming the production manager is not responsible for purchasing. b. Calculate the direct labour rate and efficiency variances. c. Calculate the variable overhead spending and efficiency variances. d. Determine the following amounts with respect to fixed overhead cost: i) What amount will appear as the fixed overhead cost on the flexible budget for producing 40,000 chairs? Briefly explain how you determined this value. ii) Calculate the fixed overhead to be applied to each chair produced. iii) Calculate the total fixed overhead applied during 2015. iv) Calculate the fixed overhead volume variance. e. The company reports performance using the balanced scorecard. Under which perspective(s) would the variances be reported and used? Explain. Note: You must indicate if each variance is favourable (F) or unfavourable (U)