Variance Analysis and Standard Costing $-$ Vulcan Rubber SealsVulcan Company produces rubber seals used in the aerospace industry. Standards call for $3\mathrm{.}5$ pounds of material @ $$3\mathrm{.}40$ per pound for each seal. The standard cost for labor is $0\mathrm{.}5$ hours at $$20$ per hour. Standard overhead is $$7$ per unit. For the current year, expected production is $100,000$ seals with fixed overhead of $$100,000$ and variable overhead of $$6$ per seal. During the current year, $99,000$ seals were produced. The company purchased $350,000$ pounds of material for $$1,260,000.$ Production required $341,550$ pounds of material. The cost of direct labor incurred was $$1,039,500$ with an actual average wage rate of $$21$ per hour. Actual overhead for the year was $$650,000.$Instructions:What is the standard cost per seal?Calculate the material, labor and overhead variances.Prepare a summary of the variances and indicate which variances should be investigated.