Variance Analysis and Benchmarkin Your supervisor has asked you to prepare some calculations based on the company's data and then research publicly available similar competitor information to see how your company is performing within the industry. Your company Carrylt Inc., produces mass quantity, inexpensive tote bags for promotional marketing purposes which is a very competitive business. Here is the available data for your company: Labor hours .25 Labor rate $11.75/hour Materials input .5 yds. fabric Materials price $1.50/yd Variable overhead rate $5.00 per direct labor hour You are also able to find an industry profile report via a Dun & Bradstreet database that has selected data from a few other companies in similar businesses as well as some industry statistics. Here's the data available Unit Star GoldBag Promo Totes Industry Variable Company Corporation LLC Data Cost Item abor 35 20 30 30 urs abor $11.25 $11.95 rate Materials 45 yds. 675 yds. 50 yds nput $12.50 11.65 55 yds aterials $1.65/yd. $1.35/yd. $1.55/yd. $1.50/yd rice ariable $6.00 per $5.25 per $4.70 per $5.45 per H rate direct irect labor direct labor direct abor our labor our our our For your task, in Microsoft Excel, compute the following measures 1. Total variable cost per unit for Carrylt, the competitors, and the industry average 2. What is the percentage of the total for each component (materials, labor, and variable overhead)? 3. Assume industry data is your benchmark. What are the price and efficiency variances for direct materials and direct labor for each company? 4. What is the percentage over standard by company and by variance