Questlon 4 ( 12 marks) The Keeping it Sharp Company produces kitchen knives. For the year, the company budgeted to produce 96,000 knives and use 24,000 pounds of stainless steel at a cost of $4.50 per pound. Actual results were 75,000 knlves with 22,800 pounds of stainless steel of material used at a cost of $4.75 per Required 1. Calculate how many knives can be produced with 1 pound of stainless-steel material. 2. Calculate the flexible budget variance, price variance and efficiency variance