E24-8 The managers of Diaz Co., a contract manufacturer of disk drives. are seeking expla- nations for the variances in the following report. Explain the meaning of each of Diaz's mate- rials, labor, and overhead variances. DIAZ CO. Standard Costing Income Statement Year Ended December 31, 20X4 Sales revenue Cost of goods sold at standard cost. Manufacturing cost variances: Direct materials price variance Direct materials efficiency variance Direct labor price variance. Direct labor efficiency variance Manufacturing overhead flexible budget variance. Production volume variance. Total manufacturing variances Cost of goods sold at actual cost. Gross profit $1,200,000 700,000 $ 8.000 F 32.000 U 24.000 F 10.000 U 28.000 U 8,000 F 30.000 730.000 470,000 418,000 52.000 Marketing and administrative expenses Operating income...