6. Calculate the standard cost per unit for direct materials and direct labor using the format shown in Table 10.1. 7. Assume the company produced 5,100 chairs during the period. Prepare a flexible budget for direct materials and direct labor, using the format shown in Table 10.2. NOW ASSUME that during the period the Company purchased AND used 45,000 yards of material for the 5,100 units, at a cost of $238,500. A total of 14,700 direct labor hours were actually worked during the period, at a cost of $238,140, to produce 5,100 chairs. 8. Calculate the materials price variance and materials usage variance using the format shown in Figure 10.2. Clearly label each variance as favorable or unfavorable. 9. Offer a possible explanation for the direct materials variances you computed. 10.Calculate the labor rate variance and labor efficiency variance using the format shown in Figure 10.3. Clearly label each variance as favorable or unfavorable. 11.Offer a possible explanation for the direct labor variances you computed. NEW YORK CORPORATION The standard cost card for the company's product is as follows: The company produced and sold 100,000 units for the year and encountered the following production variances: Required: Company policy is to investigate all unfavorable variances above 5 percent of the flexible budget amount for direct materials, direct labor, and variable overhead. 1. Identify the variances that should be investigated according to company policy. Show calculations to support your answer. 2. What recommendations would you make for the company's current policy