Denominator activity (direct labor-hours) Variable manufacturing overhead cost Fixed manufacturing overhead cost 10,000 $ 32,000 $ 94,000 The standard cost card for the company's only product is given below: Inputs Direct materials (1) Standard Quantity or Standard Price or Standard Cost (1) (2) $ 8.00 (2) Hours Rate 4 yards Direct labor 2 hours $ 2.00 per yard $ 8.40 per hour 16.80 Manufacturing overhead 2 hours $ 12.60 per hour 25.20 Total standard cost per unit $ 50.00 During the year, the company produced 5,200 units of product and incurred the following actual results: Materials purchased, 33,000 yards at $1.95 per yard Materials used in production (in yards) Direct labor cost incurred, 11,000 hours at $8.10 per hour Variable manufacturing overhead cost incurred Fixed manufacturing overhead cost incurred $ 64,350 21,450 $ 89,100 $ 33,500 $ 69,300 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.